Mortgage Lenders That Will Save Your Thousands

More and more, home buyers are turning to the internet for low-cost and hassle-free home loans. But with so many mortgage lenders vying for your piece of the pie, it's hard to know which way to turn. Here's the low-down on three mortgage lenders we like - along with how to decide which one is right for you.


This guide:

  • Describes why and where to shop online mortgage lenders

  • Outlines three strategies for shopping home loans online

  • Recommends mortgage lenders for each profile

Instant online mortgage quotes, with incredibly low rates for applicants with all types of credit. Get pre-approved in seconds, and explore loan options with the help of advisors who do not work on commission. Click here for more

Hundreds of online mortgage companies compete to offer you the best possible loan deal. Submit one short application, and get responses from lenders who bid for your business. Click here for more

An online mortgage company that specializes in subprime loans, but also offers hard-to-find construction loans, as well as excellent rates on all types of prime loan products. Click here for more

The online mortgage: Where, why, and how

Why: The internet is the most competitive mortgage market around. Barring a few credit unions, you simply won't find better interest rates anywhere. And with such a market comes flexibility - you'll have your pick of home loans (rather than the two or three variations you might see at a local bank).

Where: We've looked at a lot of mortgage lenders, online and off, and we're confident we've found the best, in terms of both rates and customer service. Keep reading.

How: This is the big question. Different online mortgage lenders have different systems. And what one borrower may feel comfortable with, another will find too restrictive. Or too fast-and-loose. Below we introduce three great online mortgage lenders, each with a different "feel".

Three great online mortgage lenders

And, more importantly, who they're right for:

The do-it-yourself-er. If you're a shopper who knows the difference between the LIBOR and the LTV , checks interest rates daily, and wants to avoid the hard-sell at any cost, try Eloan. Their rates are all advertised upfront, their salespeople are not commissioned (no hard-sell), and their rates are super-low. But it's a good idea to know exactly what you're looking for with Eloan, and they don't offer certain hard-to-find mortgages (like commercial and construction loans). Read more about Eloan here or apply with them here.

The comparison shopper. Don't mind doing a little extra legwork if it means you'll get several independent quotes? Try LowCost Lending. They'll get you quotes from up to four different lenders quickly, but keep in mind that, while initial application is fast, each quote will come from a different source, so the entire process will actually take more time. Read more about Low Cost Lending here and try them out here.

The knowledge seeker. Like the personal touch? At Direct Loan Source, the online application takes 30 seconds, and from there on out you'll be dealing with an advisor. It's an ideal method for the home buyer not quite sure what they want (or need). Direct Loan Source also offers many types of hard-to-find loan. Next: Learn more about our favorite mortgage broker, LowCostLending

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