Online Mortgages - Learn How to Use

If you are getting a mortgage through your bank, your options are limited to their interest rates, terms and conditions. With that said, you still have some flexibility in choosing a fixed-rate mortgage or a variable rate mortgage; and a good bank rep should consult you on the differences between them. Most people think that they need to take out a mortgage from their own bank, but this is never the case.

Mortgages brokers and companies that specialize in mortgage financing will tell you that your bank is the last place to look, as their rates are usually significantly higher in terms of interest and their repayment plans may not be as flexible as terms you may find with some mortgage companies. When you begin your search online for a great mortgage, keep a few things in mind:

• Does the mortgage broker (company) have a physical address with standard communication channels (phones, fax, support staff etc) rather than just an online presence?
• Have you ever heard of the company you're interested in - have your friends or family ever heard of them?
• When providing the online mortgage broker with your financial details - are you certain the website conducts transactions over a secure network?
• Are you aware of any fine print information that should be looked at before you apply for a quote?