| The Internet makes it easy to shop for a new | | | | non-commission driven customer support, and lower |
| mortgage. You should know that Internet Mortgage | | | | interest rates. Online mortgage lenders like to tell you |
| lenders are just as guilty of overcharging homeowners | | | | that they have lower overhead than traditional |
| for their mortgage loans as Banks and traditional | | | | mortgage lenders and the savings are passed on to |
| mortgage companies. Here are several tips to help | | | | you. This is slick marketing at its finest; their overhead |
| you avoid paying too much when refinancing your | | | | has nothing to do with the interest rate you qualify for. |
| mortgage with an online lender. | | | | How much can you save by refinancing your |
| The Internet is an excellent tool for refinancing your | | | | mortgage with one of the big names in online |
| mortgage; you can easily compare loan offers for | | | | mortgage loans? It depends on how much time you |
| dozens of online lenders. When you compare online | | | | have invested comparison shopping for the most |
| mortgage lenders, you will find they come in two | | | | competitive mortgage offer. If you read the fine print |
| varieties: the first type is a list broker and the second a | | | | on their websites you will find they are simply acting as |
| retail lender or mortgage broker. | | | | brokers in many of the sates they operate. If your |
| List brokers have nothing to do with mortgage loans. | | | | home is in one of these States you will be charged a |
| They simply put up a flashy website and drive | | | | "co-broker fee" or "Computerized Loan Origination |
| customers to it while collecting their names and | | | | Fee" of as much as $800 just for filling out a form on |
| contact information. This information is then sold to as | | | | their website. These sites do not guarantee their |
| many mortgage lenders as possible, enabling the list | | | | interest rates and you will simply be handed off to |
| broker to collect a fee. Retail lenders and mortgage | | | | another lender. |
| brokers are more familiar; these are the same types | | | | To learn more about qualifying for the best mortgage |
| of lender that operate offline, but have established an | | | | when refinancing your loan, register for a free |
| online presence. The advantage of using an online | | | | mortgage guidebook. |
| lender is the convenience, speed of processing, | | | | |