Tuesday, January 26th
2021 Home Loan Provider Reviews
loanDepot
Although loanDepot has only been funding home loans for a decade, they've made a name for themselves in the industry for fast, hassle-free new home purchases and refinancing. With reduced fees, faster closing times than most of their competitors, and an easy-to-navigate online platform, loanDepot is one of our favorite choices for mortgages.
LendingTree
LendingTree gets you on the road to homeownership by giving you home loan quotes from up to five lending partners in their network. To access your quotes, you'll have to give them your contact information - and plenty of mortgage shoppers have complained about how many unwanted calls, texts and emails they received afterwards. Also, since LendingTree just acts as a referral service, you'll still have to vet and complete the application process for the home loan provider you ultimately select.
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The 8 Best Home Loan Providers
Where Can You Find the Best Rates and Service for Your Home Loan?
There's never been a better time to buy a house, with historically-low interest rates and plenty of lenders who want to help you afford the home of your dreams. With so many lending companies eager for your business, it's worth your time to carefully consider the possibilities - ensuring that you get the home loan that meets your needs and your budget.
Although you may be tempted to go the "easy route" and get a mortgage from your local bank, it's probably not your best option. Why not? You aren't as likely to get the most competitive rates and terms: your banker relies on your familiarity with them as a lender and isn't likely to work very hard to get you the lowest possible interest rate or to negotiate on your closing fees.
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On the other hand, there are a number of established, trustworthy online lenders who make it possible to close on your home loan without even setting foot in a brick-and-mortar office! From start to finish, your application can be completed online, your closing scheduled for the date and time of your choosing, and mortgage payments set up to automatically debit from your preferred account. It doesn't get any easier! And, shopping around for your home loan online could save you tens of thousands of dollars in the long run: lower interest rates and closing fees keep that money in your pocket.
However, not all online sources of home loans work the same way. Some serve as a referral service, connecting you with multiple lenders and giving you an idea of their rates - but ultimately leaving it up to you to vet each one and apply for your mortgage. Others actually fund and service the loans themselves, simplifying the process and eliminating some of the hassle.
How can you decide which company to use for your home loan? Here are several important factors to keep in mind as you begin your research:
- Ease of Use. You want to use a home lending expert that makes it easy to gather information, to apply, and to ultimately close on your mortgage.
- Transparency. Does the lender tell you upfront what their rates are, even if it's just a ballpark? Can you readily find details about their fees? How much personal information will you need to provide to get a quote for your home loan?
- Reputation. Have other home buyers had a good experience using the lender for their mortgage process? Has the company been rated (and preferably accredited) by the Better Business Bureau?
TopConsumerReviews.com has reviewed and ranked the best services and lenders for home loans today. We hope this information helps you find the perfect mortgage for your new home!
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