Also, make sure to include all the income you have. If you have any equity in any stocks or other financial accounts, make sure to mention that to the broker as well.

The more money you can put down on the loan, the more likely it is that you can get approved. FHA loans usually only require 3-5% down. They are also usually open to working with people with credit problems.

Filling out less paperwork

One of the great things about online mortgage companies is that they offer forms that are often easier to fill out. Additionally, there are fewer forms than at a bank. And, online lending forms are designed to help you answer the questions, fill in the fields, submit as you go along, and transition from question to question and form to form. An online mortgage company can offer you a much more pleasant paperwork experience. And, because you can fill out the paperwork in your own home, you can do it without having to set up appointments or get dressed up. Plus, if you do have questions, many online mortgage companies offer live online chat and toll free numbers that you can call.

Lower interest rates

Much of the time, an online mortgage company offers lower interest rates than what you would get walking into the brick lender down the street. This is because many online mortgage companies do not have the higher overhead that comes with having big, nice offices. Even companies with the nice, big locations often offer special online deals. It is possible to find an interest rate that is a quarter of a point to half a point lower by looking online rather than strictly keeping to visiting the lender in person.

Keeping your information secure

Getting a great deal on a mortgage by using an online mortgage company does no good if you have your identity stolen. Be on the look out for scams and make sure that you are using a secure site before entering any sensitive personal information. The kind of information needed to get a loan is just the info that an unscrupulous identity thief needs. You can reduce your risk by getting security software, turning on your computer’s firewall, and by making sure that the mortgage company’s Web site is secure (look for the “s” at the end of the “http” in the address bar that indicates a secure Web site).

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The average rate of interest on mortgage loans continues to fall and has been under 5 percent for almost all of this past year, with this recent round of rate cuts seen as the lowest for borrowers in years. The reason, many borrowers today have bad or at least less than perfect credit scores. Still a borrower with less then perfect credit an jump through a few hoops and get a fairly decen rate on a loan.