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Wednesday, May 8, 2002 Just a click away A wealth of mortgage information is available online By MONROE
ROARK
As more and more people turn to the Internet every day for many needs, including those related to real estate, scores of companies in the real estate industry are making it easier for prospective customers to get the information they need and get it quickly. One area in particular that has benefited from this computer explosion is that of mortgages, as a home shopper can use a click of the mouse to instantly find various financial information and do calculations based on his or her own economic situation to discover how much house is needed, how much he or she can afford, and so on. When a mortgage company offers this kind of service online, it saves time and money for the customer as well as the company, according to Martha Fulmer of Mortgage Matters in Fayetteville. That company's Web site, www.mortgagematters.com, can get a prospective home buyer off to a fast start with an online application that can lead to preapproval within 24 hours. The site is currently being redesigned, but there is a wealth of information on the kinds of loans available and how to contact the office for more information. When completed, the site will have up-to-date data on local realtors and builders as well as a mortgage calculator. Time is the main factor in this process, Fulmer said, especially as potential home buyers fly into town just before being transferred to the area and often are under a tight deadline. "[The online application] gives a quicker response," she said. "If somebody goes online and applies, they've given us permission to check their credit. If someone has just moved into town and wants to qualify, they enter the information and we respond within 24 hours." The site has built-in security features to keep hackers from going in and getting access to confidential information on the application, such as Social Security numbers. Thanks to a tie-in to several popular search engines, it's not hard for Web surfers to find Mortgage Matters. Usually a search of "Georgia mortgages" is all it takes. "We get a lot of hits on our Web site," said Fulmer. While saving customers time by avoiding a face-to-face meeting for the initial qualification process, it also saves time for busy realtors, who are usually hesitant to take several hours showing homes to someone who might not be able to afford any of them, Fulmer said. "They want them prequalified before they get in the car." The process also lets the realtor and customer know what price range they need to be concentrating on, she added One of the nation's largest mortgage lenders is using the Internet to streamline the process of refinancing a mortgage. For many customers, "One Fee" refinancing is now just as simple as clicking a mouse. A process known as "one click financing" is said to eliminate the long hold time some customers experience when calling their current lender. It also offers what is described as a streamlined service that provides immediate customized savings analysis, an instant loan approval and online rate protection. Customers can even schedule their closing from a secure Web site. Once a customer has entered an account number and "clicked," the lending group analyzes the existing terms of the loan, compares it to current rate information and recommends whether or not the customer would save money through refinancing. The recommendation includes the full rate and fees for the new loan and a break-even analysis to let the customer know how long it would take to recoup closing costs. The ABN AMRO Mortgage "One Fee" program provides consumers with one fee total cost to complete the processing and closing of their home loan at application. The total figure includes all fees associated with the mortgage transaction. The "One Fee" may vary according to individual loan amount, chosen interest rate or the location of the property a consumer is purchasing, but it will not vary between the time the fee is assigned and the loan's closing. This means the customer knows up front what his costs are. Not included would be items such as: prepaid interest, taxes that may be charged, any private insurance premiums or homeowners insurance. The service is available on a Web site called mortgage.com and has already been used by over a million customers of the company's several divisions. Consumers who are not yet customers can also use the service, but it may take them more than a single click. According to William Newman, Mortgage Group executive vice president, customers that use the process won't have to re-enter any information to process the transaction. Said Newman, "The normal process of getting a rate quote, comparing closing cost options, figuring out your savings and locking in a rate is now down to seconds, not days." To learn more, visit www.mortgage.com.
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