Regardless of where you live, you can search nationwide for mortgages by using online mortgage aggregator sites. Mortgages are available for new home purchases and for refinancing. While you can find and apply for a mortgage online, finalizing mortgage documents will often require an in-person meeting with a mortgage or home closing specialist. The best methods of obtaining a mortgage through the Internet give you multiple competitive bids from reliable financial institutions.
Step 1
Determine the type of mortgage loan you'll need. Mortgages can feature a fixed rate for a set period of time, such as 30 years, or can provide an adjustable interest rate. Adjustable-rate mortgage payments start out relatively low but adjust higher after a set period of time, such as five years. Some lenders offer hybrid loans that provide a fixed-rate period followed by an adjustable rate that changes yearly. Evaluate your financial situation and how long you plan to live in the home to select a mortgage that will be a good fit.
Step 2
Gather basic financial information. Searching for mortgages online requires inputting your financial data, answering questions about your credit history and providing your mortgages preferences. Be prepared to reveal whether you are a first-time home buyer, whether you have good credit, any bankruptcies or foreclosures in your financial history, whether the loan will include a co-borrower such as a spouse and information about the house you want to mortgage. If you haven't found a home, you'll need to indicate the type of home you're seeking, such as a single-family home, and the general price range.
Step 3
Input your mortgage request. Multiple online mortgage aggregator sites allow banks and lending institutions to "bid" on your mortgage. Fill out the online forms. If you prefer a specific lender, submit an application directly through that company's website.
Step 4
Review your mortgage offers. Notification of mortgage rates, terms and financing opportunities may be sent directly to your email address, or you may need to sign in to the mortgage request system. Evaluate the offers and select a mortgage provided by a reliable institution with the lowest combination of rates and fees that meets your financing requirements.
Step 5
Submit all information requested before the closing date on your home purchase or refinancing. This information can include home surveys, inspection reports, confirmation of your income or job, and documents that confirm your assets and financial resources.
Step 6
Meet with a closing specialist to sign all documents, pay closing costs, transfer funds for your down payment and finalize your mortgage. These documents must be signed in the presence of a notary who can confirm your identification and signature.
Tips and Warnings
- If you qualify for VA, FHA, Native American Programs or Rural Housing Services loans, select mortgage lenders that process these specialized loans.
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