| The Internet has changed our lives in more ways than | | | | all over the place looking at houses. |
| we can imagine. The Web provides a convenient, fast, | | | | Variety - Some online lenders may offer a wider |
| comprehensive source of information that we have | | | | variety of mortgage products than local lenders. This |
| very quickly embraced as our "go to" source for | | | | may be especially true if you live in a small town. |
| whatever it is we need in a pinch. The emergence of | | | | Speed - Many online lenders can determine quite |
| sites such as Amazon and eBay have made it very | | | | quickly if a borrower will qualify for a loan. |
| easy to buy merchandise and now, more than ever, | | | | Some things, such as a property appraisal, cannot be |
| financial products. One of the fastest growing | | | | done online, of course. Online lenders work with a |
| businesses on the Web is that of companies that | | | | variety of local appraisers in order to verify that the |
| provide mortgages. | | | | property in question is valued sufficiently for the |
| In the past, anyone who wanted to buy a home had to | | | | desired loan. Online lenders also have staff members |
| get in the car with a pile of financial documents and | | | | available to speak by telephone with customers who |
| visit their local lender. In small towns, there may have | | | | do not wish to provide personal or financial information |
| been only one lender, and prospective buyers were at | | | | over the Internet or who may have problems with the |
| the mercy of that lender's terms, rates and conditions. | | | | loan process that need to be discussed with a real |
| That is no longer the case. The emergence of large | | | | person. |
| lenders such as E-Loan or Ditech has made it possible | | | | While the business of mortgage lending is not likely to |
| for anyone with an Internet connection to obtain a | | | | be completely taken over by online lenders, the Internet |
| mortgage or home equity loan at a competitive rate. | | | | has certainly added some variety and convenience to |
| There are several reasons why Internet lenders are | | | | the process of shopping for a home loan. As time |
| seeing increased business: | | | | goes on, using the Internet for loan comparisons will |
| Convenience - The ease of shopping for a loan from | | | | probably become a standard part of shopping for a |
| the privacy of your own home is something that many | | | | loan. |
| buyers appreciate, especially if they have been driving | | | | |