Across the nation the way real estate is bought and sold is undergoing a revolution and the internet has a big part in it. Letting your mouse do the walking when comparing mortgage rates is the latest way the relationship between the borrower and the mortgage lender has changed, and in this case the change is definitely for the better.
In the past, mortgage options were limited and consumers did not know all the packages that could be had, thus often agreeing to terms that were less than favorable when compared to other available loans from different lenders. Even as the mortgage crooks – known as predatory lenders – have sought to carve out a niche for themselves on the internet, the sheer wealth of consumer education and governmental oversight has limited their ability to entice new borrowers considerably.
The advantages of online mortgage comparison shopping are obvious; you can compare different products and find the ones that make the most sense for your current financial situation. At the same time, you can request loan quotes from several different lenders and then choose the loan product that comes in at the interest rate you are willing to pay. Since you can do your research in the dead of night or on holidays and weekends when mortgage bankers are usually not at work, the ease with which you can get the information you want greatly decreases the amount of time a real estate transaction takes.
There is of course a downside to the online mortgage market place. Like any other kind of online venue, there are the crooks who are seeking to take advantage of those who are looking for loans. Some are phishing for identifiable data that may be sold to the highest bidder while others will attempt to ferret out your social security number as part of an identity theft scheme. In other cases there is the chance that a lesser known lender may operate a bait and switch scam and will attempt to get you to sign on the dotted line for a product you did not really want.
Shopping for mortgages on the internet is a great way of educating yourself and getting a lot of questions answered. Be careful what information you give out and be highly selective to whom you are willing to give it. Use the internet as a tool for research and for comparison shopping, and if you are at all unsure about the loan products you are considering, contact a local mortgage broker to explain your options to you in person.
