Within busy schedule of daily life it has been difficult for individuals to drop down to the banks or financial organizations to seek a mortgage or a home loan. Online Mortgage facilities have facilitated quick and fast mortgage application. Online Mortgage is loan for buying a property and the existing loan becomes invalidated after re-payment in accordance to the specific terms and conditions.
According to Webster dictionary, (http://www.m-w.com/cgi-bin/dictionary)mortgage is: “A conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms”. In countries like U.S.A, U.K and Australia the term Online Mortgage is highly popular and in India it is called Online Home Loan. There are certain eligibility criterion that needs to be fulfilled by the applicant to be eligible for availing the Online Mortgage option.
Online application processed faster than the conventional paper based mortgage applications. The web portals are highly interactive and provides a clear insight about the following factors:
- The initial down payment (the initial money to be deposited to the lender)
- Tenure of repayment (Period of repayment)
- Rate of interest/Annual Percentage Rate
- The applicant's occupancy period if the mortgaged property (the tenure of borrower’s stay in the mortgaged property)
Period of Mortgage |
Rate of interest |
15 Years |
5.87% |
30 Years |
6.16% |
1 Year |
5.88% |
Source:http://www.njmortgagedepo.com/
Some of the major Online Mortgage providers are as follows:
HSBC Loans,
Wells Fargo Financial Bank
Secure Loans USA
Citibank
J.P. Morgan Chase
Prudential Financial
Commonwealth Mortgage
