The Power of
eLoans and Mortgages
The Power of eLoans and Mortgages
If you will be needing a loan or mortgage, there
is no greater way to shop and compare prices
than online. One of the great benefits of the
internet is letting the average consumer (like
you and me) share information like we've never
been able to before! We can shop and more
importantly, compare, the prices and services of
all kinds of financial services in detail.
There are many good providers of "eloans"
online. So who are the major online players in
loans and mortgages? Research firm Media Metrix
recently listed the top financial information
sites based on "impressions". At the top of that
list was MoneyNest.com which operates an online
financial marketplace that enables consumers to
shop online for a variety of financial products.
Moneynest.com sums up the one key thing about
online loans and mortgages - it places the power
in your hands. You no longer have to feel
insecure about not having enough excellent
information at your fingertips or about trusting
"your" bank and wondering if you got the best
deal possible. The internet places all this
power at your fingertips. To sum up the key
benefits of shopping online for loans and
mortgages, you can:
* Get free quotes - from as many companies as
you need or want
* Customized quotes - more than just comparing
rates, you can compare quotes for the specific
service you need (type of home, amount of loan,
amortization, etc)
* Larger pool of suppliers - more businesses are
competing for your business, which means a
better deal for you
* Comfort - what is better than reviewing
information with a cup of coffee at your
convenience in the friendly surrounding of your
home rather than in some "suit's" office?
Nothing beats getting rid of the sales pressure
better than by removing yourself from the sales
persons turf! A level-headed decision with no
pressure means a better decision for you!
These "eloan" sites (listed below) are
jam-packed with great calculator tools and
information. As an example, the eloan.com site
alone has the following calculators; http://www.eloan.com/s/show/calculators?linksrc=purchcalc&sid=yP841ZZJ9LTge9B79_8dLAFLPbE
* mortgage rate calculator
* rent vs. own calculator
* amortization calculator
* payment calculator
* affordability calculator,
* and if you are really a laid-back type, a rate
watch tool that will automatically track
interest rates and notify you when your desired
interest rate is available!
For my Canadian readers you will notice that
this information has focused almost exclusively
on US services, and that is because there is so
much information that a separate report will
have to be done for the Canadian market. But an
excellent place to start is the Canadian
Mortgage Corporation. http://www.canmortgage.com
Similar to a site like eloan.com they have
excellent calculator tools available and
capability of searching for comparative services
and loans for free.
Top Financial Services Sites ranked by Media
Metrix based on impressions
1. Moneynest.com
2. Bankrate.com Sites
3. VANGUARD.COM
4. INSWEB.COM
5. PROGRESSIVE.COM
6. GEICO.COM
7. COUNTRYWIDE.COM
8. LENDINGTREE.COM
9. STATEFARM.COM
10. ELOAN.COM
11. MADISONFINANCIALGROUP.COM
12. CONSECO.COM
13. METLIFE.COM
14. QUICKENLOANS.COM
15. INSURE.COM
16. MORTGAGEEXPO.COM
17. AMERIQUESTMORTGAGE.COM
18. MYONLINECREDIT.COM
19. ABOUT.COM Business and Finance
20. THEHARTFORD.COM
Here is Top9.com's list of top online lenders
based on # of unique visitors.
getsmart.com - borrowers marketplace
lendingtree.com - loan marketplace
creditprovider.com - credit specialist
eloan.com - consumer loans and debt management
countrywide.com - home specialist (also has a
Spanish language site)
moneynest.com - financial marketplace
peoplefirst.com - largest online vehicle lender
interest.com - mortgage specialist
ditech.com - direct mortgage lender (also has a
Spanish language site)
If you want to know who offers the best in
certain categories such as price or service for
mortgages, our trusted research firm Gomez has
ranked the Top Internet Mortgage Sites for Q1
2002 ranked by Overall Score.
http://www.gomez.com/scorecards/index.asp?topcat_id=39&subSect=finance
Firm Score
1. IndyMac Bank Home Lending (review) 6.99
2. Countrywide Home Loans (review) 6.28
3. E-Loan (review) 5.81
4. E*Trade Mortgage (review) 5.73
5. CitiMortgage (review) 5.39
6. Mortgagebot.com (review) 5.02
7. Quicken Loans (review) 4.80
8. Charter One Direct (review) 4.64
9. East West Mortgage (review) 4.61
10. ditech.com (review) 4.45
11. WaMuHomeLoans (review) 4.43
12. First Union / Wachovia Mortgage (review)
4.30
13. GMAC Mortgage (review) 4.26
14. PHH Mortgage Services (review) 4.26
15. Regions Mortgage (review) 3.50
And as a closing note, many of the "money"
providers listed above are exactly that and
more. They not only provide you with loaned
money for your home, but will also finance your
car, credit card consolidation, give you free
credit reports etc. So while we have tried to
keep our focus narrow, in future articles we
will look at other services for credit cards and
cars, etc.
Large loan decisions deserve a clear-headed
comparison of products and prices so that you
can get the best deal possible - nothing
delivers this better than online "emoney"
comparison shopping. Enjoy!
This article is the property of
www.1st-in-homeloans.com, which has been
offering home mortgage services since 2002. To
find out more visit
www.1st-in-homeloans.com
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