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!
About the author:
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@enroute.ca
|
|
