Online home mortgage loans have been around for a long time. However, many have wondered whether or not it is a wise thing to borrow from such lenders. What we do know is that the Internet is a great place to find the information you need on the products that are available where mortgage lending is concerned. Once you have identified a product that you are interested in, take the next step and contact the lender. This is sound advice even for those interested in finding back to work lenders.
When it comes to finding a lender you will definitely find a competitive one on the Internet. If their rates are not competitive they will not succeed online, so you can be sure that the ones who are thriving on the Internet have great rates. One of the best ways to contact one of these companies is via their online forms. The advantage of doing this yourself is that you will be saving the lender a referral fee and you could have this savings passed on to you.
When getting in touch with your online back to work lenders, you will likely have to fill out 3 forms. The first one is a short inquiry form. This is a form that generally collects your contact information, your name and basically the kind of loan you are looking for and the amount of money you are asking for. In addition, you will need to fill out another form called the pre-application form. This form will ask for more details such as your financial references and your Social Security Number. Finally they will need your full loan application, which you can fill out online.
If you are interested in a back to work loan it is important that you ensure that the lender you are dealing with is FHA approved to offer that kind of loan. For this kind of loan there are specific requirements that must be adhered to if you are to qualify. Since the lender knows about your economic event you will need to make sure that you have gone through the required HUD counseling at least 30 days before and not more than 6 months prior. In addition you will need to have been working for 12 months and on your way to economic recovery. It is important that you have a clean record of debt repayments and bill payments.
The FHA, through the HUD counseling, will be trying to establish whether or not you are a lending risk. Once they give you your certificate of participation it is an indication that you have met their requirements and can now proceed to get your loan.