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 salesperson’s 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:
* 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 Canada Mortgage and Housing Corporation.
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:
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!
