Internet Mortgage Lenders

The internet seems to have become the most popular venue for mortgage lending in the world. Most mortgage lenders now market their products online and most of them take mortgage applications over the internet.

Mortgage lenders like to do business over the internet because it speeds the transaction process and saves them money. Instead of sending paper back and forth through the mail they can send electronic data online. This enables them to speed up the process, it also helps them reach more customers and do more business.

One reason why mortgage lenders like the internet is that a mortgage lender can now offer its services almost anywhere in the United States without opening a local office. Another reason is that the mortgage lender can eliminate mortgage brokers who can cost the lender money.

How Internet Mortgage Lending Works

The way internet mortgage lending works is quite simple. The lender sets up a website that includes a number of marketing features and a mortgage calculator. One of these features is a mortgage application that consumers fill out by typing in some basic information.

Once this application has been filled out the information is sent to the mortgage lenders office where professionals look it over. They then run it through a computer program to see if the applicant qualifies for a mortgage. If the applicant qualifies they send a mortgage offer back to him or her electronically.

One advantage to this process is that a mortgage applicant can get almost instant mortgage approval. Another is that the fees charged by mortgage brokers maybe eliminated.

Internet Mortgage Brokers

There are also many internet mortgage brokers out there. Unlike mortgage lenders these are services that take mortgage applications then shop them around to several different mortgage lenders in an attempt to get the best deal.

To the average person searching for a mortgage online internet mortgage brokers can be indistinguishable from internet mortgage lenders. To add to the confusion some internet mortgage lenders also act as an internet mortgage broker underwriting some loans themselves and selling others to other lenders.

The way to tell a broker from a lender is that the broker usually has several different mortgage products from several different lenders available. The lender usually has several products from only one lender available.

Searching for a Mortgage Online

The best way for a person to search for a mortgage online is to visit several different lenders and brokers. The great advantage to the internet is the wide variety of mortgage offers it makes available to the average person.

The way to get mortgage offers is to use the mortgage calculator features at the online mortgage websites. These are the forms that ask you to type the amount of the mortgage you want, the interest you want and the type of mortgage you want. The calculator should then be able to tell you if that lender offers the mortgage and the price of their mortgage.

Visiting several different sites can get you several different mortgage offers to choose from.