Using The Internet To Save On Housing


The following is a post by our featured writer Gary Parkinson. Enjoy! 

The latest US housing news is that the market has turned a corner after years of struggling during and following the recession.  If you are a first time home-buyer or looking to refinance, today’s market offers plenty of opportunities for you to secure an affordable mortgage plan.

Unless you have $500,000 put away in a special savings account, you will require a mortgage to buy or refinance your home.  But for years, the mortgage application process was considered tedious at best, particularly as web development made it easy to acquire information within minutes.  As time went on, retailers started selling products online, which shoppers could browse and purchase from the comfort of their own home.

The online shopping concept worked well for retail products, and is now a process that you can use to acquire a mortgage as well.  You can compare low mortgage rates from some of the leading firms across the country, and select a plan that addresses your unique financial needs.

The online comparison experience revolutionizes the mortgage application process by making it more convenient for you as a home buyer.  The traditional application process required you to take time out of your day to visit a bank or a mortgage broker, and participate in a back and forth negotiation over the terms and rates.  But as time goes on and advancements are made in technology, traditions become outdated and largely forgotten.

In addition to saving time, you will in all likelihood save money because you have access to all viable mortgage providers in one convenient spot.  In some cases, banks or brokers dictate what they feel is a fair and affordable mortgage plan.  By shopping online, you put the control firmly in your hands, and can select the best option without pressure from another party.

The housing market went on quite a roller coaster ride over the last few years, but you can definitely put the current conditions to good use with some helpful tools.  The Internet is a powerful tool that helps make life more convenient – it’s about time that home buying is made more convenient too.

How about you all? If you have taken out a mortgage to purchase a home or investment property, how did you approach the process? Did you use a bank, a mortgage broker, or an online resource? 

Share your experiences by commenting below!

Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.

  • Even if you end up utilizing a regular bank or mortgage broker to secure a mortgage, I think it is valuable to use online resources at the very least to do some comparison shopping to make sure your financial representative at the bank or brokerage is in fact giving you a competitive deal!

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  1. Completely agree with Jacob. We looked at what the bank was offering and compared that to what was available online.

    We ended up getting a loan from our parents at the rate we could have gotten online. It was a win for both of us.

    • Thanks for commenting Bobby! I actually did something very similar. With me being in graduate school, the mortgage broker/banks didn't like the way my graduate school “salary” was structured, so they wouldn't approve me for loan. Thus, I ended up getting a loan from a family member as well, using rates online as what to put as the interest.
      My recent post Using The Internet To Save On Housing

  2. I found my refi online! I got MUCH better rates than the usual methods. My existing mortgage-holder's offer was just plain laughable compared to what I got.
    My recent post Insurance Is A Bet You Want To Lose

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