Utah Home Mortgage Specialist

While shopping for home mortgage options online is certainly easy and convenient, you should consider completing the application process either in person or over the phone instead of relying on an automated system. While the Internet is good for research purposes, you can take advantage of face to face meetings or telephone conferences to ask all of you relevant questions. Asking all of these questions will help you to ensure you fully understand the loan terms as well as all available options.

Completing the home mortgage process in person or over the phone can also prevent being surprised by any elements of the new home mortgage. This may include additional fees which are tacked on during the processing of the application, rates which are only available in certain situations or other elements of the home mortgage agreement which could significantly impact the end result.

If you are using the Internet to research home mortgage options and obtain quotes should carefully consider their sources when making important decisions regarding the subject of home mortgages. You should stick with well known lenders and established websites and will not likely encounter problems. 

If you are unsure about the reliability of a particular resource or lender should do additional research on the company. One of the easiest ways to do this is to consult the Better Business Bureau (BBB). The BBB may be able to provide you with valuable information regarding the number of previous complaints against the company. A company who has a large number of unresolved complaints should be considered an unreliable company. However, you should not assume companies without a significant number of complaints are reputable unless the company has been in existence for a number of years.  See Academy Mortgage’s BBB report

One of the most popular advantages to researching home mortgages online is the ability to comparison shop at your own convenience. This is important because many people work long hours and often find they are not able to meet with lenders during regular business hours because of job restraints. The Internet, however, is open 24 hours a day and allows you to research your options, make important calculations or receive online quotes at any time of the day through the use of automated systems.

When shopping for your next home mortgage you can take your time comparing the quotes received from lenders online instead of feeling pressured to provide an immediate response. While this may give you some additional time, remember you do need to act relatively quickly to lock in an interest rate.  Interest rates are often time sensitive in nature and cannot be guaranteed for long periods of time.

People who are planning to buy or re-finance their home mortgage may find the Internet to be a very worthwhile resource. The Internet is useful because it can give the you a wealth of information as well as the ability to compare different rates from different lenders at your convenience. While these options have made financing a more convenient process there is more potential for danger. However, if you exercise a small amount of common sense in using the Internet for financing information often find there are not any additional risks.

A major advantage to financing with reduced loan terms say a 15 years instead of 30 years is the ability to gain equity in the home at faster rate. This is especially true if you were or are not able to put a sizable down payment on your home mortgage when you purchase your home. The amount of the equity in the home is equal to the amount of the principal loan which has already been repaid. When you pay your monthly payment you are paying a combination of principal and interest  their monthly payments.

Take two different loans, one 30 year and other 15 year, both for $300,000 each with a 5% interest rate.   The amount of the principal which is repaid on each month for each mortgage will be different. With the 15 year mortgage you will pay $761.92 more toward principal each month.  In the first year alone you will gain $9,337.07 in additional equity over the 30 year fixed. Gaining equity in the home quicker is ideal because it moves you closer to truely owning your own home.

When my husband and I decided to take advantage of these historically low interest rates, I suggested to him that we convert our loan term to 15 years.  He hesitated for a moment the higher payment was not particularly attractive.  Psychologically it is not what he expect when decided to refinance our home mortgage.  But when I showed him that we would be paying an additional $8000 towards our loan each year and half as much interest he was SOLD!! The feeling that you are adding that much equity to your home each year is priceless.  If your budget can handle the slightly higher payment you will be better off for choosing a shorter term on your loan.

Call me today I will provide you will loan amortizations for 30 year and 15 year mortgages.