Frequently Asked Questions about Online Home Loans

What are online home loans?

Online home loans are mortgages that can be obtained online through independent lenders. On our site, our home loans are offered by both brick-and-mortar and online mortgage lenders at the local, regional, and national level. Usually, online home loans have more competitive rates than traditional home loans because there is more competition on the Internet.

How can I get online home loans?

You can get free quotes on online home loans by completing our online form. The form is free and takes only a couple of minutes to fill out. As soon as you submit the form, we will show you at least four quotes on online mortgages from different lenders. If you see a loan you like, you can apply for it online via the lender's website.

If I get quotes, am I under any obligation to take out a loan?

No, quotes on online home loans do not obligate you to take out a loan with one of our lenders. In fact, we don't even have a vested interest in which lender you select. You will find our quotes very low-pressure. You even have the option of saving your online mortgage quotes and returning to our site at your convenience.

Do you issue online home loans?

No, we are not a lending institution, so we do not issue home loans. We do refer our visitors to lenders that can, though. Our services are free and are meant to be a starting point for your comparison shopping and financing process.

What kind of home loans can I get online?

Almost any home loan that you could get from a traditional bank or credit union can be obtained online. You can get refinancing, adjustable-rate, fixed-rate, and many other types of online home loans. Our lenders offer a wide array of products to meet our visitors' needs. For more details, please read our guide to choosing the right home loan.

How much of a down payment should I make on my home loan?

A good rule of thumb is to make a 20% down payment on your home. Not only will this lower your monthly payments, but it will also help you avoid expensive private mortgage insurance (PMI). Lenders require PMI on home loans when you have less than 20% equity in your home. PMI represents an additional monthly expense you will have to cover on top of interest and principal payments on your mortgage.

What if I want to refinance a mortgage?

Our lenders can certainly help you with that. Virtually all of our lending partners offer online home loans that allow you to refinance an existing mortgage. In doing so, you could lower your interest rate and your monthly payments. You may also use refinancing to switch from a fixed-rate to an adjustable-rate mortgage, for example.