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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!
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The Power of eLoans and Mortgages
Jim Slobodzian, BComm (Hon) is an expert on
managing your money online. Jim publishes the E-MONEY
GUIDE providing weekly news and tips for online consumer
finance. http://www.enroute.ca
or email info
Copyright (c) 2002 Enroute.ca
All rights reserved.
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