Refinance Loan Online

You’ve done your searches, found a lender and now you are ready to refinance your loan online. What comes next? If you are experienced with making transactions online, you already are familiar with certain precautions necessary when conducting personal business online. If not, there just a couple things to know and to be watchful about to protect your identity and to assure that your transactions are legitimate and secure while refinancing loans online.

1. Know your lender. This is not the time to try out an unknown entity. Stick with national financial institutions or mortgage companies, or your local credit union or bank website.
2. Every website form that asks for personal information should be secure and show icons that indicate security. Entire websites for financial information should have security measures. These include encryption of your information. This codes your information so no one else can read it except the destination company you want it to go to. There should be a small gold lock icon somewhere on the bottom line of the webpage screen. The http should have an extra “s” at the end, https, to show it is a secure webpage. Be especially careful if a website asks for sensitive personal information such as your Social Security Number or Driver’s License.
3. Some websites have extra icons that indicate they have SSL technology. This is the encryption security measures, SSL stands for Secure Socket Layer; TLS stands for Transport Layer Security. Both are standard security measures for protecting information that is sent over the Internet.

The next thing to do when you want to refinance a loan online would be to check over the application before you fill it out. You can enlarge the webpage you see on the computer screen by increasing its size on your lower toolbar. Most come in at 100%, and can be resized larger or smaller as needed. There may be custom settings you can do, but 125% is usually the next one to try. This just makes the small print easier to read.

Look over all the “small print” (that you just enlarged so you can read it) and watch for things like disclaimers, fees and penalties. There may be application fees, closing costs, appraisals and other things that might make this particular loan deal not such a good one after all. Do not complete any application until you are completely satisfied that you have found both the right lender and the right loan refinance deal. You can lock in a deal electronically.

You will need your financial information about your first mortgage, how much you owe and personal identification to complete an application. Some referral websites will generate multiple offers for you to choose from. Some of these lenders may also be calling you on the telephone to get the sale. The rest of the transaction can be done over the telephone and by mail or fax, or it can be completed at an office. It can be simple, but scary. Documents are delivered by FedEx overnight, or you can do an online signature. Many people like to find the deal online and then complete it in person at a local office of the lender.