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The Real Truth About Those: Online Get a Better Loan Web Sites - 6 Things to Look For
You have seen the Commercials on TV go this or that web Site and Refinance your Home and Save thousands. Tempting isn't it? Do they really save you money?
But what if you need help or Advice? What if you have questions? Can an online Internet Robot Design a Mortgage Plan customized for your unique situation.
Here are 6 Reasons why a Financial Service Professional is better then those online Internet Robots
1 - Loan Maize
Their are hundreds of loan Types and Terms. Which is best for you? Before you go to the Internet learn a little about the loan Maize. Here is just a partial list of terms involved in the Maize.
First you Pick the Loan Length\r\r Less then 15 Years\r 15 Year\r 20 Year\r 30 Year\r More then 30 Years\r
Next Pick the Loan Type\r\r First Trust Deed \r Second Trust Deed \r Home Improvement\r Reverse Mortgage\r Inverse Mortgage\r Bi-Weekly Mortgage\r Debt Consolidation\r FHA\r VA\r
Now Mix and Match from some loan Terms\r\r Fixed Rates\r 30 due in 5\r 30 due in 7\r Fixed for 3 then Adjusts\r Buy Downs\r Arms\r Steps\r Interest Only\r Fully Amortized\r Ballons\r Full Doc\r Negative Amortization ARM\r No Doc\r Limited Doc\r No Income Qualifier\r No Credit Qualifier\r No Nos\r PrePay\r
Does Your Adjutable Loan have\r\rLife Caps?\rMonthly Caps?\rYearly Caps?\rIndex?\rWhich Index Libor or Cost of Funds?\rWhats The Spread?\r5 Year Adjustments\r
Are You sure you want to do this yourself?
2 - LifeStyle
Does the Internet Robot Understand your Needs? Any of the below questions can dramatically effect the type of loan that is best for you.\r\r What are you goals?\r How long to you plan on staying in the home?\r What are your future earnings going to look like? (Will they go up, Down, Remain the Same)\r Are you self employed?\r Do you work on commissions?\r Do you or your spouse plan to stop/Start work in the Near Future?\r
What if you have slight credit problems? What if you are self employed and you have hard to prove income? How do you explain that to the Internet Robot. What if you want to buy rental property or a vacation home?
3 - Forms
Forms and Fine Print do you really want to trust all that to the Internet. What if you have questions about which forms you need or don't need or why you need a form?
4 - Headaches
Will the Internet Robot handle Problems with appraisers, Title Officers, Loan Documents? Will the Internet Robot chase down, VODs, VOE, VOMs and what are they anyway?
5 - Overall Plan
You got your loan now what? If you refinanced and lowered your payment do you want to run to the mall and casino every month and just throw away your savings every month? Perhaps you want help designing a plan to help you with some of the following\r\rFund a Retirement Plan\rCreate an Education Fund for your Children and GrandChildren\rBuy Life insurance\rSet Up an Emergency Fund\rConsolidate Bills\r
6 - Periodic Review
As your situation changes your needs change. The loan that was best for you last year or 5 years ago may not be best for you now. Does that Internet Robot offer you a periodic review.
What You really want is a Financial Service Professional who has access to all the same programs as services as that Internet Robot. Who will work with you to understand your needs and goals. Someone you know and Trust. Someone who lives around the Corner or Right across the bridge. If You live in St Louis MO do you want to work with someone on the West Coast or the East Coast. Do you know where that Internet Robot Lives.
About the Author
\rMike Makler Offers Financial Services in Florissant Missouri which is in North St. Louis County Missouri Just Across the Bridge from St. Charles Missouri
Call Mike at 314 398-5547
Visit Mike's Web Page:
\rhttp://ewguru.com/finance\r
For Missouri Specific Insurance and Loan Questions:
\rhttp://ewguru.com/Mo-Finance
Get Mike's Newsletter Here
http://ewguru.com/fin-news
Copyright © 2005-2006 Mike Makler
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