Home Buying Tools Online - A Home Buyer's Paradise

The Internet has made the home buying process a lotOkay, now we are getting into an area that has seen
more efficient. At least, if you know where to go fora lot of shuffling (and disaster) over the last couple of
the best home buying tools and services.years. Many of the online mortgage companies were
But for many home buyers, the Internet is a vast andaffected by the subprime mortgage crisis that came
confusing place with enough real estate websites toto a head in 2007.
make your head spin. To a certain extent, this is true.For example, at the time of this article writing, the
There truly is a dizzying array of home buyingAmeriquest home page has a message that basically
websites online these days. But once you narrowsays, "We are closed until further notice." On top of
down your list of web-based home buying tools to athat, Countrywide Home Loans (another of the larger
half-dozen or so, you can harness the power andweb-based mortgage companies) was recently sold
efficiency of the Internet without being overwhelmed into Bank of America.
the process.With that said, there are still quite a few websites
I'd like to help you achieve this by offering a short list ofonline where you can get mortgage quotes from
some of the most popular (and useful) real estatemultiple lenders at once. Obviously, this can save time
sites online today.and energy, as well as giving you a broader range of
1. For Requesting Your Credit Reportsmortgage products to choose from. My advice is to
Yes, I said credit reports, in the plural sense. Did youstick with the names and websites you know, if only to
know you actually have three credit reports, one forensure that your private information is protected.
each of the credit-reporting bureaus? It's true, andHere are some of the websites left standing after the
lenders will review all three of them (or a compositemortgage lender shakedown:
score) when considering you for a mortgage loan.* LendingTree
So one of the most important steps in the home* Eloan
buying process is to request copies of your credit* Ditech
reports and scores so that you can (A) review them* QuickenLoans
for errors / inaccuracies and (B) see where you stand4. For Tracking Foreclosures Online
in terms of good or bad credit.We just talked about the mortgage crisis that came to
By law, you are allowed to obtain your credit reportsa head in 2007. Going into 2008, we are still feeling the
for free once per year. There are hundreds ofeffects of this fiasco, and we probably will be for a
websites online that offer your free credit reports, andcouple more years. As a result of the subprime
the choice can be confusing. But here's the big "secret"mortgage meltdown, there are more foreclosure
... most of these websites, if not all of them, pull yourproperties on the market than ever before. These
report from the source. In other words, they all getforeclosures represent opportunity for the savvy real
your credit reports from the three bureaus -- Experian,estate investor.
TransUnion and Equifax.You see, when a bank forecloses on a home, they
So I way, why not go straight to the source to requestwant to sell it off as quickly as possible. Banks are
your reports. The three credit-reporting bureaus havelenders -- they are not property managers. So they will
actually set up a website where you can request alltypically sell the foreclosed home as soon as possible,
three reports at once, and that website is the first onoften through a real estate auction. At a property
my list of top home-buying tools online:auction, the smart real estate investor can often get a
* 2. For Home Shopping / Property Listingshome for less than market value.
Here's the thing about websites offering propertyOf course, you have to know about foreclosure
listings. Most of them get their data from one of twoproperties before you can evaluate them and possibly
places -- either from the Multiple Listing Service (MLS),bid on them. That's why we have seen a rise in the
or from the real estate brokers themselves.number (and sophistication) of foreclosure-tracking
In the past, you really only had one or two places towebsites. These web-based services will keep track
go online for property listings. was one of these sites.of foreclosure activity in your area and send you
And while it's still a good place to go for home listings,notification emails about new foreclosures.
there are quite a few other options as well. In fact, thisIn this area, there are a couple of giants and a handful
is an area that has really exploded in recent years.of "lesser" websites. Here are the giants:
These days, there are hundreds of websites that* * RealtyTrac
compile property listings and then allow people to(There's also a Foreclosures.com, with an 's' at the end.
search those listings by area, price, etc. Here are someBut don't be confused ... the first one listed above is a
of the more popular sites:much better service with more data, at least in my
* Redfinexperience.)
* TruliaConclusion and Summary
* HomePagesSo there you have it, my list of the most helpful home
These are some of the major / national websites withbuying tools available online today. Of course, with the
real estate listings. Obviously, you can also get localrapidly evolving nature of the Internet, new websites
property listings from real estate agent websites income online all the time. But the ones listed above are
your area, as most agent websites tap directly into thea great place to start! Good luck with your real estate
MLS data.experience.
3. For Finding a Mortgage Online