Online Lenders: Benefits of Taking a Mortgage Online

As an American, I can vouch for the fact that we are so busy these days that we prefer the simplified version of everything. We order food online, we book movie tickets online, and we shop for everything from groceries to TVs online. So, why not buy a mortgage online as well?

The major benefit of taking a mortgage online is that it eliminates the requirement of time consuming face-to-face interactions with the lender, which in turn saves time. The necessary mortgage information required for the loan process can be accessed and delivered on the web from the comfort of your home.

Apart from the ease of access, online lenders also undercut mortgage brokers on rates and fees. The tough competition in the online lending industry encourages the lenders to grab more customers by offering attractive interest rates and flexible terms and that is in the best interest of the borrower. Online lending also comes with low closing costs as most of the times the lenders do not have to pay office expenses etc. like mortgage brokers and banks.

While researching and comparing lenders online, you can also use various mortgagetools and calculators to effectively determine the type of lender and the type of loan that will suit your financial requirements the best.

Also, having a credit score of less than 700 is another reason to approach online lenders as they don’t always use the same underwriting agents as the local banks. So, if you have been denied a mortgage at your local bank, an online lender is your best bet.

If you are hunting for the best home loans in the market, All Western Mortgage has got your back. Call us on 702-850-2790 now and we’ll make sure that your dream home becomes a reality. You can access our tools and information here http://www.awmlending.com/

How to Fill a Mortgage Application?

In order to buy your dream home, you will have to apply for a mortgage and for that you’ll need to fill out a Uniform Residential Loan Application or Fannie Mae Form No. 1003. This application helps the lender determine whether you’re eligible for a loan and how much amount you’re eligible for.

This simple guide will help you with all the types of information that you’ll have to provide for a mortgage application, so that you won’t be intimated by it while going in.

1. Type of Mortgage and Terms of Loan
There are various kinds of mortgages you can get, like Conventional (15, 20, 30 years), FHA, VA, USDA etc. List the type and duration of the loan you want along with the interest rate and other terms on the application form.

2. Property Information and Purpose
In this section, mention the details of the property you wish to purchase. Once you write that down, the next step is to fill in the purpose of the loan, like purchasing, refinancing, construction etc.

3. Personal Information
This includes your name, present address, contact details, DOB, etc.

4. Employment Details
It includes the name, address and contact details of your employer, your position and designation with the organization, years of service, type of business etc. If you have been in the current company for less than 2 years, you’ll have to fill in the details of your previous employment as well.

5. Monthly Income and Expenses
This includes your gross income and all the expenses related to housing.

6. Assets and Liabilities
Assets include bank accounts, investments, cars, real estate etc. Liabilities include any debts like credit card balances, alimony, child support, installment loans etc.

7. Declarations
Yes/No answer to questions pertaining to bankruptcy within the past 7 years, outstanding judgments, foreclosure of a loan, party to a lawsuit etc.

However, you have to fill this complete form only if your real estate agent has specifically advised you to do so. Alternatively, you can fill out a short online mortgage application at http://www.awmlending.com/shortapp.php and get your mortgage processed in no time. For any further queries, feel free to contact AWM Lending at 702-850-2790.

Monthly Mortgage Payment Calculator Helping You in Managing Your Finances

When it comes to creating an air-tight budget, most of us fail to keep a check on our spending habits. One thing always leads to another and somehow at the end of our money, we have too much month left.

It’s all good until you are young and don’t have too many responsibilities, but once you have a family and a home mortgage to take care of, maintaining a budget and sticking to it becomes an absolute necessity.
So, if you are now in the above mentioned phase of your life, it’s time to get serious and responsible about your spending habits and before you decide to purchase your very own home, it is crucial to use everything at your disposal to determine whether you’ll be able to afford it or not.

One such tool that determines your eligibility of purchasing a home is a monthly mortgage payment calculator. You can use this tool to determine how much money you will be spending on mortgage payments each month. So, you absolutely have to make room for that in your budget. A monthly loan payment calculator requires you to input the amount of your loan, the compound interest rate charged and the term of your loan and tells you the exact amount you’ll have to set aside each month.

So, before you go ahead and dive into the mortgage market, use this calculator to determine whether you can afford that much money or not.




All Western Mortgage has devised a perfect standard mortgage calculator, among various other calculators, for this purpose.