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:

Mortgage Bankers Association of America
National Association of Mortgage Brokers
General Services Administration’s Consumer Information Center
Fannie Mae
Dept. of Housing (HUD)
Veterans Administration (VA)

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