We're all entitled to the opportunities and benefits of home ownership. But because most of us aren't loaded with cash, we must find banks and lenders to assist us with finance. No matter what your credit history is, or what your circumstances are, the internet has now made this process a billion times easier. This article will outline a 5 point plan, to assist you in your pursuit of financing online:

Step 1: Dont be afraid to go shopping.

Discussing personal mistakes in life can paralyze us with fear, namely, getting into the bad credit issues.

The good news is that for the most part, getting into this stuff is completely unnecessary in the preliminary phase of shopping for a loan, beyond the basic information provided in an online short-form.

In other words, you dont really have to talk about the nitty-gritty details, until after a loan offer has been presented to you. Well get into that later

But since were on the subject, if you are a consumer with credit history issues, let me briefly take this opportunity to state the obvious:

1. Youre no different then anyone else. We all live imperfect lives.

2. Credit problems do not make you a bad person, they are simply reference points.

3. There are loan products designed for you.

4. There are lending institutions that are interested in earning your business.

5. There is nothing wrong with you, or your credit, or your situation. You are who you are, and thats just fine!

You need to first get into the right frame of mind. Dont be afraid to ask questions, and dont be intimidated by your credit history. Be honest. Give truthful information. But dont feel shame or regret for your past or present personal circumstance. They make you who you are, and that earns you respect! So with that said, put on your confidence, and lets GO!

Step 2: Whats the going rate?

Information is free, so why not be informed? Many resources are available on the internet to get current interest rates, including a rate-watch at our website:

So to start with, take a look at two pieces of information:

1. Current Interest Rate, 30 year fixed

2. 6 month trend graph

A little exercise: Do you see the current rate? What about the 6 month graph. Are rates going up, down, or staying about the same? Is the current rate higher than it was 6 months ago? Lower then 6 months ago?

Now dont feel the need to analyze this information too much. Relax. For now, just look at it, and perhaps, check it several times a week to stay informed.

If you do this, youre already 10 steps ahead of the game!

You are now an informed shopper. When an offer is presented to you in the near future, youll be able to ascertain how good an offer it actually is by knowing how it compares to the going rate. (sidenote: Dont forget to check terms, fees aka: points, and conditions relating to your loan offer. Often times you will see higher points or less favorable terms, in exchange for a lower rate.)

In addition, youll be able to assess if you think rates are declining or on the rise, which may help you to decide if NOW is the right time.

Step 3 Obtain several offers, and SHOP RATE!

When you buy a car, do you seek out the best deal? When you go grocery shopping, do you consider which store offers the best prices?

Shopping for a mortgage should not be seen any differently, and the best way to do this is to obtain several preliminary loan offers online.

1. Preliminary loan offers are simple, painless, and easy to get.

2. They contain the terms, rates, and pertinent information you need to assess the lenders.

3. They will take all the guesswork out of where you stand.

Get 3 or 4 offers, and compare them. How do they compete against each-other? How do they compare to the going interest rates (see step 2 above).

Our website has compiled an index of hundreds of lenders and institutions that provide these preliminary services. This information is free, and available for you to peruse at your leisure.

Many of these companies conduct searches of thousands of lenders, a lot of them in your local area, and they provide you with 4 loan offers almost instantly.

Take advantage of this! These are no obligation services, and for the most part, the online application forms are simple, fast, and easy. They literally can take no more then a couple minutes to complete.

In addition, you dont need to be burdened with going through your credit history at this phase. Completing the simple form is all it takes. If you qualify, and a lender is located that wants to do business with you, then youll go to the next step which is to discuss this possible opportunity over the phone.

But isnt it nice to know that by that point, the lender has basically, already approved your loan?

Step 4: A couple things to keep in mind

1. Lenders should never ask you for personal or private information during this preliminary phase. Of course theyll need to know some basic information about you and your situation, but never give out information you feel uncomfortable disclosing (such as your social security number), and look for a privacy policy on their website.

2. Remember that these are preliminary loan offers, which means no immediate commitment on your part. You complete a simple, on-line short-form, and then you get several offers in return. The lenders that made the offers may wish to talk with you over the phone, but thats where the preliminary process ends. The ball is in your court to choose a product that meets your needs, or to keep shopping.

3. These services are offered for FREE and you should not be asked for any service charges at any time, ever!

Step 5: Understanding your Options

Lets put this all together.

If youve followed this simple plan, you will discover that there are indeed consumer loan products tailor made to meet everyones needs. Remember to examine the terms and rates, obtain several loan offers, and then talk to the lenders over the phone. Find out who they are, and whether or not youd like to do business with them. Throughout this process, stay informed by checking interest rates.

Weve enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, but never turn your back on your own common sense.

Sincerely, Webmaster Tom Levine

Copyright 2004, by LoanResources.Net

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