Continued from page 1
2)Comparison shopping should be resorted to in order to find right lender.
3)Obtaining a pre-approval on your loan application for big ticket purchases, such as a home or a car, would put you on a strong footing while negotiating with seller. A pre-approved application has following advantages: approval is granted for a specific period during which interest rate at time of application does not change even if market rates fluctuate during period, amount available for purchase and repayment amounts are known even before you begin buying process.
Online loan process:
The online loans process works in following manner: 1)The first step is to fill out online application form. 2)The lender reviews your creditworthiness and assesses your financial net worth. 3)Based upon review, application is either approved or denied. 4)Hard copy of loan contract is sent to borrower. 5)Documentary evidence maybe called for to support claims made on application form.
Market players in online loans market: 1)Loan brokers: These are agents representing several lenders. They do not lend money. 2)Direct lenders: They offer you loans directly. These are financial institutions that lend you money.
This article may be freely distributed providing no alterations are made to text and links remains intact.
Copyright © www.1st-mortgage-home-loans.com
For home loans & finance please visit us at www.1st-onlineloans.com