For some consumers, meeting with a mortgage lender face-to-face provides peace of mind. But the popularity of online mortgage companies shows that plenty of folks are perfectly comfortable applying for a loan outside of an office.
The largest of the internet-based firms is Quicken Loans aka Push Button Mortgage. If you’re shopping for a new mortgage or trying to refinance via the web, it’s important to realize that not all loan originators have the same approach. Whereas sites like LendingTree and Zillow essentially act as brokers, sending your basic information to multiple mortgage providers, Quicken Loans is a direct lender.
That has its pros and cons. Using Quicken Loans means you won’t receive an onslaught of e-mails from lenders trying to get your business. And your personal information gets into fewer hands, a big draw for privacy-minded customers.
On the other hand, it’s hard to know whether you’re getting the best rate if you don’t have several bids coming your way. Moreover, if you approach more than one direct lender to comparison shop, you could end up with more paperwork – and more queries to your credit report
One advantage of Quicken Loans is choices. The company, which dates back to 1985, offers conventional mortgages – it provides both fixed and adjustable-rate varieties – as well as specialized products such as VA and FHA mortgages.
In some respects, the process of obtaining a mortgage through Quicken Loans is fairly similar to that of traditional lenders. The main difference is that potential homebuyers can perform most of the steps online.
Over the years, Quicken Loans has built a reputation as a convenient way to get financing for one’s home. Still, it doesn’t hurt to do some shopping around to ensure a competitive interest rate.
Your Turn!! Comment below is you found this article to be helpful on your mortgage shopping.