An online mortgage lender will have a specially designed web site which will provide you with information concerning getting loan approval. They will also tell you about the different types of loan available. The web sites usually will also give you all kinds of tips about how to look for a lender for bad credit or a second mortgage lender. Mortgage Money Sites-Online mortgage loan sites that offer direct access to loans come in three basic varieties: direct or single lenders, auction sites, and multi lender shopping sites.
- Direct or single lender sites.-Most mortgage websites are direct lender sites
- Auction sites- Some mortgage sites allow you to complete a loan application, which is then sent to lenders who, in turn, compete for your business. Some of the lenders are sub-prime lenders, making these sites a possible choice for you if your credit is damaged. You won't get immediate feedback but must wait a day or so for several offers.
- Multi lender shopping sites- With multi lender shopping sites, it is not necessary to complete an application before you shop for a mortgage, using more variables than some brokers use. You enter the loan amount, property details, and other information, and you will get current rates, APR, points, even settlement costs for each loan from dozens of lenders. You can sort loans by each factor. You can also put loans side by side and make comparisons of interest rate adjustments, margins, life caps, year-by-year payment totals, and interest costs and tax benefits.