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The loan process is one of the most important steps taken in the purchase of a home. These decisions will impact: time of payments, amount ouf payments, if payments increase or deacrease and if any larger payment is due at the maturity of the loan.

This step used to involve dressing up and visiting various banks to acquire a loan. Many lending institutions are now online allowing borrowers apply for a loan with out leaving the house. Since many of these institutions are online, they are able to process loan information faster within their departments resulting in a shorter response time.

Loan sites have come online like which allows applicants to submit one form to various banks to acquire the best rate. Online bank sites are also available with most major institiutions allowing borrowers to check everything out online before stepping out of the house.

A thorough study of loan types is necessary to fit the customer to the proper loan depending on various financial factors.