"Home Loans and the Internet" Builder & Remodelor - November 2002

The "www" represents the new kid on the block. It's real value is still likely years away. Though expansion has been good, with 41 percent of the economic market accessing the internet at least occasionally, more than half are still not reachable. Those consumers who utilize the internet for banking transactions and home loans are typically qualified and find it easy to click from site to site in search of the best mortgage rate. The bidding wars that take place are an increasing concern for internet lender. Unless you're the lowest priced lender in the market, or have a better strategy, you're not likely to get consumers' business.

What do consumers want when they submit a loan application? An immediate answer. Yet, fulfillment remains another obstacle to current Internet success. today numerous lenders can let consumers apply for loans, but not all can automatically pull credit and make decision without "human" intervention. More importantly, how does the automated system know the consumer's individuals needs, objectives and financial goals? This information is vital to structuring a individualized home loan appropriate for a prospective borrower. This is the pitfall, and there lies the injustice to the consumer looking for the "best deal in town".

While the internet provides a wonderful source of information for the prospective borrowers it can also be misleading. the consumer should be aware that the rates being quoted are "subject to change". In addition, great effort is required to locate and click on a lender's disclosure for review. Although, the effort may save time and money.

My experience in this industry has impressed upon me the importance of outstanding customer service. In an effort to provide consumers with concise information, timeliness and good mortgage rates we offer 24/7 service to our website applicants with "human" intervention. As soon as we receive an inquiry or loan application on our site the prospective borrower is contacted immediately by a mortgage counselor. The specific needs of the applicant are taken into account. Based upon this information a home loan is tailored for the consumer, credit is reviewed and costs are discussed. At this time the client has the opportunity to lock in an interest rate. A confirmation is provided along with a Good Faith Estimate which discloses all costs involved in the transaction. The client will also be provided with a Consumer HUD Guide for Home Buyers, and a Consumer Handbook on Adjustable Rate Montages, if this is the type of loan applied for.

If you are a prospective borrower and prefer to have full disclosure and exceptional service along with a competitive rate click on to www.beechwoodcapitalcompany.com
We will be happy to help you.

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