It comes as no surprise that with the expansion of business sites on the Internet, that
mortgage lending companies would join in the new medium. There's a wealth of information
about mortgages on the World Wide Web. You'll find advice on how to shop for a mortgage
loan, calculators to tell you how much house you can afford and what the payments will be,
plus the latest mortgage interest rates nationwide at the bankrate.com daily update of mortgage rates.
The Internet is a good place to search for mortgage brokers or lenders and make phone calls
to check out their loan programs. Also, many banks and credit unions
now have web sites with information, and even applications, on their mortgage programs.
OK, the World Wide Web is good for research, but should you be applying for a mortgage
online? You can always do some preliminary work online. Then, if you like the results, here
are some possibilities:
- Email the lender requesting more information, and ask the mortgage specialist to
follow up with a phone call to you.
- Download the mortgage application, print it, then send it in the mail or deliver it
in person.
- Security is a major concern. Don't believe a mortgage company's site just because it
says it's secure. First, there should be an explanation of the site's security and privacy
policies. Then, you can check to see if the site has encryption by looking for the symbol on
your browser. For Netscape Navigator, the symbol is a key. If the key is broken, then the
site is not secure. For Microsoft Internet Explorer, the encryption symbol is a padlock. If
the padlock is open, it's not secure. Also, be careful what information you send in email.
While the loan application form may be encrypted, the email section may not.
Tip
The web is good for preliminary mortgage loan shopping, but don't make the final commitment
online. You need to talk with the lender or broker so all your questions are answered, and
you are aware of all of the conditions of the loan. Buying a home is a personal
choice and a major financial commitment. It pays to have personal contact with your lender
and establish a relationship of confidence and trust.
Some other web sites with good mortgage information:
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