With the growing presence of technology in all areas of life, many mortgage companies have either gone completely online, offering their services over the world wide web, while some companies have used the internet as a tool in addition to their "brick and mortar" offices.
The question oftens arises, is it really more cost efficient and secure for me to apply for a mortgage online?
What things should a client look for and avoid when completing an online mortgage application?While there are many legitimate mortgage companies that operate only as a web based company, always check up on the company. With the constant threat of identity theft you should do your own research. Some online applications are a very basic form that collects general information about you and your transaction. While others collect a huge amount of personal information from your social security number to account information.
Look to see that the company is an equal housing lender, and also if the secured website logo is on the page. Also, never be afraid to try and call the company to see if they sell your information, or even go as far as to request them to sign a form stating that they will not sell your information.
A good place to check is the Better Business Bureau. You can look the mortgage company up on the BBB's website. Although not always an accurate of a company, you can see if a company has repeated complaints or not.
Before submitting an online application, it may be a good idea to find out if they can originate loans in your State.
Some mortgage brokers will give you the option of filling out a shorter, more generalized online application. Such an application will not require your social security number, since no credit pull is performed. In this case, the broker will give you the best estimate possible, based on your own evaluation of your credit profile.
An advantage to filling out a web application is that you are able to do it on your own time, most often 24/7/365. Doing it from your home also allows you to have access to documents you may not have directly at your fingertips. You are able to gather information at your own pace.
