There are many pitfalls and perils to using the Internet for even the
simplest things. Considering the dangers of supplying personal information over
the Internet, it is important to be cautious when using it for something as
important as refinancing your home. Although the Internet can be a playground
for scammers and criminals, it can also be a major tool to a homeowner when they
need to refinance their home. Here are some things to keep in mind when using
the Internet to refinance your home:
The Internet Simplifies Your Research
The Internet houses tons of information on mortgage companies, banks, brokers,
and interest rates. Almost every bank has a web presence that can be accessed 24
hours a day, 7 days a week, and, if the bank doesn’t have one, there is more
than likely a plan to have one in the near future. If you are looking to
refinance your home, then you can use the internet to research these banks,
mortgage companies, etc., and their rates by giving them little to know personal
information. There are plenty of websites that offer their current rates by
selecting the state that you live in.
You Can Get Multiple Rate Quotes from One Source
The Internet allows you to find places where you can fill out one application
and have it seen by multiple lenders without all of these lenders pulling your
credit. It is advisable to find one of these websites as it will save you tons
of time. Local mortgage brokers often provide this service; however, the
Internet allows you to research these brokers before you allow them to run your
credit report. It is not a good idea to have multiple companies run your credit
report within a short period of time as this can lower your credit score and
result in unfavorable interest rates. Homeowners should make it a priority to
know their own credit scores when starting the refinancing research process.
Be Wary of Unsolicited Offers
The Internet is vulnerable and can be compromised. As with anything that
requires personal information, such as your social security number, you should
always be cautious when giving this information out. As a rule of thumb, if you
haven’t solicited a refinance but you receive information about refinancing via
email or some other means, it is recommended that you either not respond or that
you conduct your own research on the company that sent it to you.
For a list of recommended lenders for
home mortgage refinancing
online or
bad
credit mortgage refinancing online, visit ABC Loan Guide.
