Section 9.2. Finding Loans Online


9.2. Finding Loans Online

Unless you're independently wealthy, life-changing purchases like a house, car, or college education usually require life-changing amounts of money. If you don't have that much cash on hand, you'll need a loan.

If you already bank online, you're probably quite familiar with your bank's electronic offerings; most have links to their "personal lending " services right on their home pages. Because banks looooove to lend money to qualified borrowers, their loan pages tend to be incredibly well-designed, with plenty of information and telephone numbers to call if you have questions.

In the case of home loans, banks and other mortgage companies include useful areas where you can see the current lending rates for 30-and 15-year fixed loans, adjustable rate mortgages, and so on. Tools like mortgage calculators (Figure 9-2) let you type in a property's asking price and instantly calculate what the monthly payment would be with the assorted types of loans and rates.

Figure 9-2. Most online banks and housing lenders have tools like mortgage calculators so you can see how high a monthly payment you can afford when you're shopping for a new home.

Even if you're not an existing customer, you can still check bank Web sites for loan rates and information, and even apply for a loan online. All major banks have their own Web sites (find them with Google), and some of the bigger, better-known loan companies include:

  • LendingTree . After you fill out a form describing the kind of loan you want, LendingTree rounds up offers from up to four different banks, essentially pitting their offers against each other so you can pick the best one. You can apply for mortgages, car loans, student loans, commercial loans, and more. (www.lendingtree.com)

  • E-Loan . Search for the type of loan you need, and save money and paperwork if you find a good one. The site has loan pros on the phone to help with questions, plus tools like payment calculators and free credit reports right on the main page. (www.e-loan.com )


    Tip: Order a free copy of your credit report online at www.annualcreditreport.com. Each of the three main credit rating bureaus are now required by Uncle Sam to give you your report once a year; this is the official site where you put in your request.
  • Countrywide Financial . You can search and apply for a home loan here or schedule an appointment with a consultant. First-time homebuyers may appreciate the site's informative articles and advice on the whole big adventure. (http://my.countrywide.com)

  • Ditech . You can apply for a new mortgage, refinancing deal, or homeequity loan from this direct-lending company that's part of the General Motors Acceptance Corporation and has deeply annoying TV commercials. (www.ditech.com )

  • Sallie Mae . Sallie Mae focuses on school costs; it's been making higher education a reality for people since 1972. It offers both federal and private student loans on its site. Once a government-sponsored entity, Miss Sallie is now a private company that handles personal and mortgage loans, too. (www.salliemae.com)

The U.S. government lends money, too. To see what's available, go to the Gov-Loans site at www.govloans.gov. You can find details on just about every loan the federal government offers, including specialized loans for veterans , farmers, and business owners . Loans covering disaster relief, education, and housing are also listed.


Note: If you value your fiscal health, it's wise to stay away from the many " payday loan" sites around the Web. These companies offer to loan you the bucks you need to make it to your next paycheck if you give them your bank account number so they can withdraw repayment when your check lands. They also charge exorbitant fees (sometimes $30 for every $100 borrowed), which takes a bite out of the account when the loan comes due. Finally, giving your bank account, Social Security number, and other deeply personal data to a Web entity is not a good practice to get into.



The Internet. The Missing Manual
iPhone: The Missing Manual, 4th Edition
ISBN: 1449393659
EAN: 2147483647
Year: 2006
Pages: 147
Authors: David Pogue

flylib.com © 2008-2017.
If you may any questions please contact us: flylib@qtcs.net