With the advancement of technology, the internet has opened up a wide variety of options for the borrower. If you too are on the lookout for a good discounted home loan deal, then look no further than the Internet.

Lender websites

One of the first things you need to do is to research a little on the financial institution websites. You can get detailed information about the company, its financial standing, the current rates etc. You can even ask for a no obligation quote instantly online. Usually most financial institutions have an online system that provides you with a quote immediately. All you need to do is supply some basic information after which the system evaluates your financial situation and credit history and provides a quote on the home loan.

Online calculator

Most websites of financial institutions will have an online calculator that allows you to instantly get details on your mortgage rate. You need to enter some specific details into the calculator such as the duration of the loan as well as the method through which you wish to repay the loan. In this way you will get the details of the home loan almost immediately. Through this method, you can instantly get the free quote online. You don’t need to pay anything you get to compare rates and quotes online almost simultaneously.

Negotiation

One of the best things about getting home loan rates and quotes online is that it allows you to have more control over your finances in the long term. Since you get to know beforehand about the costs and expenses involved, you are in a much better position to negotiate with your prospective financial lending company. Instead of not knowing anything about prevailing rates and going for the first deal that comes your way, having a fair idea on prevailing rates will allow you to bargain with the lender and arrive at a good deal in the process.

Not the final figure

While getting an instant online home loan quote can certainly help in the negotiation and bargaining process, it is not the final figure. It is merely an estimate of the expenses you will need to incur in the long term. Therefore no quote mentioned online is a binding contract. It is merely an approximate cost of the loan in total provided by the bank. Therefore it should only serve as a guide on the expenses while choosing a loan.

Final negotiations

Once you have arrived at an approximate quote for all the lenders, you can select the lender that is providing the best possible deal. However, the ultimate costs finally will be determined once you personally meet the mortgage consultant. The consultant will take into account several aspects such as your credit history, credit score, repayment patterns, stability of your job as well as current prevailing assets. These factors will all play a crucial role in deciding the feasibility as well as final rate you get on the home loan. The consultant can then work out the best possible rate for you.

By : Alan Lim