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While you won't find many Web sites willing to wire money straight into your bank account, there are an increasing number that offer online loan research, pre-approval, and applications. If you're in the market for a mortgage, E-Loan offers information on several different types of loan instruments (adjustable-rate, 30-year fixed, etc.) and allows you to compare the monthly payments. Users can also examine the actual yearly out-of-pocket cost for each individual loan. If you see a rate that fits your needs, E-Loan lets you take the next step and actually apply via the Web. You'll need to have a specific property in mind and a full picture of the financial details, but once you've entered the required information, the company will send you a good
faith estimate of closing costs, a form to sign, and a request for the necessary documents (pay stubs, tax records, etc.). Return those, lock in your rate, and you're ready to close the deal. Among the growing number of loan sites, a few stalwarts stand out. Fannie Mae's HomePath provides detailed, plain-English explanations for first-time buyers. Homestore.com offers a host of loan calculators and other online tools. Finally, Bank Rate Monitor is a good place to survey the current trends in mortgages, credit cards, auto financing, online banking, and more. For more on loans and related web sites, visit Yahoo!'s Loan Center.
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