There are many different types of mortgage web sites out there on the world wide web that seem to do one thing but actually do something else. With a little bit of information, you can be an educated consumer and get to the sites that actually help you complete your mortgage transaction.
DIRECT LENDER SITES If you have already chosen a lender, your task is made much easier. All that you need to do is get to their web site and if they have the option, which more and more do, go to the on-line application and start answering the questions. Just as in credit card transactions, these should be secure sites. If you don't think it is a secure site, don't do it. You will be giving very personal financial information about yourself that should not be in the hands of any "eavesdroppers". If your lender does not have a secure site, arrange for the application to be "snail mailed" to you or make a face-to-face appointment with a loan officer.
MULTI-LENDER SHOPPING AND LEAD GENERATOR SITES There are many web sites out there that offer rates and mortgage information. Some of these sites give a list of many different lenders and you decide which one from their list that you want to apply with. This is fine if you are basing your entire decision of a mortgage lender on the prices that were posted on that web page at that moment. It may not be the best product or lender for you, but it's quick and easy. Once you choose a lender from this type of site, it directs you to that lender's site and you are now on an individual lender's page. In which case, refer to the above section.
There are other multi-lender sites that operate in a different way. These sites ask you some specific loan application questions. The purpose of the questions is to get some information for the list of lenders linked with that web page. The main problem here is that you don't just get linked with that lender's web page. Your information is taken and sent to many lenders, if not all of the lenders, linked with that web page and you are now a "hot lead". You will be contacted by these lenders, when they get around to it. Many lenders have learned that a "hot lead" is only hot for a short time, so don't be surprised if you are bombarded by loan officers very quickly. If you choose one of the lenders in this manner, you then will actually have to apply for the mortgage. The questions that you were asked originally on the web page were not the loan application.
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