Finding a great mortgage can involve a lot of research and comparing various lenders.
However, the work that goes into it is well worth it when you consider how much money you can save by taking out a mortgage with superior borrowing terms.
By getting pre-qualified for a mortgage through GetSmart.com, you can efficiently shop through a variety of loan types until you find the one that’s perfect for you.
How GetSmart.com Works
GetSmart.com is an online service that takes your basic info and then directs you to a mortgage shopping system called LendingTree. LendingTree, based in North Carolina, is the lender exchange that operates GetSmart.com.
GetSmart.com uses a streamlined, user-friendly application system to pre-qualify customers before funneling them to LendingTree’s online mortgage shop. Once there, you can shop around among different loans for which you are pre-approved.
One great thing about GetSmart.com is that the mortgage lenders it features are all required to meet specific quality standards before they can join the network. Vetting lenders in this way ensures that users only have reputable banks and finance companies to choose from when shopping for loans.
LendingTree (Get Smart’s parent company) maintains a Trustpilot score of 9/10. This score is relatively high for a financial institution, and it’s a reliable indicator that GetSmart.com is a reputable resource for mortgage shopping.
GetSmart.com makes an excellent starting point if you’re shopping for a mortgage. It can efficiently help you to research different loan options in an organized manner so that you can save time and money.
GetSmart.com Mortgage Options
GetSmart.com can help you find a variety of loans to suit your needs. After you submit your application, it can direct you to a lending exchange that allows you to compare potential loans from various lenders.
Here are a few examples of some of the most popular loans that you can find through GetSmart.com:
Loans that are not backed by a government entity are considered conventional loans. This loan type accounts for approximately two-thirds of homeowners’ loans issued in the United States.
Often, conventional loans have higher interest rates than loans which are government-backed.
FHA-approved lenders issue federal Housing Administration loans, and they are prevalent for first-time homebuyers. FHA loans are primarily intended for low-income borrowers. These loans typically require lower down payments and lower minimum credit scores when compared to other loan types.
Remember: the FHA doesn’t directly give you money if you take out an FHA loan. They guarantee the amount which is lent to you by an FHA-approved lender, such as a bank or other financial institution.
VA loans create excellent opportunities for veterans, active members of the military, and spouses of deceased veterans. For example, they require no money down and usually come with low closing costs when compared to other loan types. Thanks to the added benefits and flexible borrowing terms of VA loans, those who have served have a chance to be rewarded for their sacrifices when buying a home.
For more information on whether you qualify for a VA loan, be sure to check out the Department of Veterans Affairs website.
Should you plan on buying a luxury home, a jumbo mortgage is the loan type for you. Depending on where you live, you can take out one of these super-sized mortgages for an amount between $424,100 and $636,150. The range for jumbo loans is set to conform to the loan limits for the Federal National Mortgage Association.
It should come as no surprise that you need to have a reasonably good FICO credit score of around 700 to qualify for a jumbo mortgage. You should also expect to pay a 20% down payment with this loan type.
GetSmart.com Mortgage Qualifications
Each lender which you can find through GetSmart.com has specific lending terms depending on what kind of loan you want to take out. It is difficult to generalize on the mortgage qualifications of so many lenders. However, there are a few standards within the mortgage-borrowing world that we can suggest as a starting point.
Low-income mortgages and FHA loans tend to have a minimum credit score requirement of 580. Most conventional mortgages, on the other hand, tend to put the required credit score minimum at 620.
LendingTree advertises their minimum down payment can as low as 3.5%. It’s important to note that not every lender within their network is going to abide by that number. Your best bet is to inquire directly with a specific lender to get the most accurate information on their mortgage qualifications.
Pros and Cons
A significant advantage of using GetSmart.com is they require lenders within their network to meet specific quality standards. This vetting helps to filter out unreliable lenders, and it allows potential homebuyers to find the best mortgages quickly and easily.
LendingTree’s network also offers a wide range of loans that appeals to the diverse needs of its users. From FHA loans to jumbo loans, it can help you find the loan which is best suited for your individual situation. Thanks to this vast and varied lender network, users can get a comprehensive look at multiple existing options.
All in all, Get Smart’s pre-qualification process is clear-cut and exceedingly simple. All you must do is answer a few questions to determine which loans you should consider. After completing the application and providing your basic information, different lenders can contact you and provide you with more specific information on their loans.
You should be prepared to provide documentation to prove your income and financial status for the lender to verify.
GetSmart.com is not actually a lender. They serve only as a conduit to connect borrowers and lenders. As a result, you’ll need to research the specific details of individual lenders and loans after you have found it through GetSmart.com.
However, it still makes for a great place to start the search, especially if you’re trying to assess what are your best options based on your specific situation.