Are you currently looking to take out a mortgage? If so, you must find one that offers you the most favorable terms so that you can pay it back as effectively as possible.
GuideToLenders is an online platform that can help you compare different loans until you find the ideal one for your situation.
Table of Contents:
- How GuideToLenders Works
- Mortgage Options
- Pros & Cons
How Guide To Lenders Works
Guide To Lenders has allowed hundreds of users to compare different loans from top lenders so that they compare options efficiently. It’s completely free, and you can quickly receive multiple offers from lenders just by filling out the form on their website.
Once your application is complete, you merely need to review your loan offers and decide as to whether any of them are the right fit for you.
Shopping around for the best loan is a fantastic way to save big on your mortgage. Guide To Lenders is 100% free and gives you the resources to compare different lenders. It’s a service worth considering as you shop around for a mortgage.
Guide To Lenders Mortgage Options
Although GuideToLenders doesn’t directly offer loans to users, it helps them by taking their information and recommending potential lenders and loans that match with it.
Below are some of the most common loan types you might find after filling out the application form on the GuideToLenders website:
Refinancing is one of the best ways to ensure that you are getting the best terms for your mortgage. In many cases, it can lead to lower monthly payments on your mortgage and better interest rates so that you can pay back your loan as efficiently as possible.
Refinancing is not for everyone, so be sure to carefully assess whether this option would benefit you in the long run.
Once you consider how much money you make, how much you can put down on a home, and some other factors, you’ll be able to determine what kind of home loan is best for you. Different loans come with specific terms, monthly payments, and interest rates, and it’s essential to shop around before committing to a loan from a lender.
Guide To Lenders is a great online platform for comparing home loans while you research your options.
The main difference between a home equity loan and a standard home loan is that you can only take out a home equity loan after you have equity in a property.
Mortgages and home equity loans both require you to put up the property as collateral, but a home equity loan is secured by the equity you have in the property.
Naturally, the terms for different home equity loans depend upon the lender from which you request the loan.
One of the most significant differences between a personal loan and a mortgage is that a personal loan is not secured. Personal loans tend to have higher interest rates, shorter loan terms, and lower maximum loan amounts when compared to mortgages.
While the reasons above might make personal loans seem like a less favorable option for buying a home, you should still consider if they might be the right move for your financial situation.
Guide To Lenders Mortgage Qualifications
First off, it’s important to remember that Guide To Lenders does not provide loans directly. It merely provides users with various loan offers, and from there, everything is between the user and the potential lender.
However, you do need to meet a few qualifications before using GuideToLenders:
- You must be a United States citizen
- You must be at least 18 years old
- You must own a valid bank account
- You must have a steady source of income
If you can check those four items off the list, then you’re ready to start using Guide To Lenders. Their application will ask for your name, annual income, date of birth, and contact information, but you won’t have to provide too much detailed information. Guide To Lenders also performs a soft credit inquiry, but this will not affect your credit score.
After you’ve submitted your application, you’ll receive a few loan offers best matched with the information you provided. At that point, all requirements and application procedures will have to be submitted according to the lender’s specific criteria.
Remember, you have no obligation to pursue any of the loan offers that you get from Guide To Lenders, and there is no sanction for deciding against pre-approved loans from this company.
Pros and Cons of GuideToLenders
- Free Service: One huge incentive for using GuideToLenders is the fact that it doesn’t cost a cent. The free service allows you to compare loan options from the nation’s top lenders so that you can find the loan that’s right for you.
- Simple Platform: Another advantage of this online platform is how simple and quick it is to get pre-approved for loans. The application is fast, easy, and only requires a soft credit check. That way, you don’t have to worry about any adverse effects on your credit score.
- Extensive Lender Network: Guide To Lenders has an extensive lender network, so it can help borrowers with various types of credit scores to find the right loans. Even if you have a poor credit score, typically making the loan process more difficult, this platform can help you to find a loan that will allow you to finance your home.
- No Obligation: It’s also a huge plus that loan offers received through Guide To Lenders carry no obligation. You can choose to not proceed with any of them, and there are absolutely no repercussions for doing so.
- Not a Direct Lender: The only downside to Guide To Lenders is they do not act as a lender. They are merely a conduit to connect borrowers with lenders. Once you receive loan offers through their platform, you’ll have to take on the process of applying for the loan with your chosen lender on your own.
Since there is no cost to use the GuideToLenders service, trying out their platform to match you with lenders is a winning play.