Before the internet, there wasn’t an easy way to compare mortgage rates or to get mortgage offers, besides making appointments and visiting banks.
This was a long, drawn-out process and often resulted in buyers limiting their choice of lender. These days, with the internet at our fingertips, it is now far easier to find the latest deals.
A little research online will quickly provide you with a range of mortgage deals for comparison. If you need to remortgage, first make sure you know how remortgaging works.
Here are 3 ways to use the internet to find a mortgage; whether you’re a first-time buyer or looking to remortgage.
1. Carry out your own research
Search the internet for the best deals. Go to the websites of well-known banks or carry out a general search which may bring you details of available mortgages from lesser known lenders.
There are however hundreds of selections so make use of online tools such as mortgage calculators to help you make comparisons.
If you are unsure about the different types of mortgages that are available or about any mortgage-related terminology, you can find everything you need to know online.
Online mortgage guides are a great resource to help borrowers decide on the type of mortgage they require. Use them to self-educate about mortgages before you start your search.
2. Use an online mortgage broker
An online mortgage broker does the hard work for you by scouring thousands of available mortgage deals and recommending a shortlist based on your specific requirements.
This is usually a free service and it is a great timesaver.
3. Online mortgage providers
In addition to the internet being a great tool for finding mortgage deals, it has also allowed new lenders to enter the market as internet-based lenders. These online mortgage providers have forced traditional lenders to be more competitive.
The internet has changed the way borrowers shop for mortgage deals. It provides a wealth of information, easily accessible advice, useful tools and greater choice.