With the availability of the Internet it is very easy for a would be borrower to apply for a mortgage online in hopes of getting the best deal available. However what most people do not know is that there are many negatives involved with online loan applications that you need to be aware of as a consumer.

Apply Once Get 100 Calls: The truth of the matter is that a large percentage of mortgage application websites on the Internet today are not really mortgage lenders. Instead they are mortgage lead companies that will sell your contact information to mortgage companies that pay them for this information. To make matters worse lead companies often sell to each other making what was one application turn into months of annoying phone calls.

Remote Lenders: If you do apply for a mortgage online and receive a rate quote that makes you happy you will still be dealing with a company that could located on the other side of the country. This may not bother some borrowers but a local mortgage company almost always gives better more personable service to local borrowers and reduces the possibility of identity theft.

Information Security: By entering your social security number and other sensitive information when you apply for a mortgage online you are taking a risk that could wind up costing you alot more then you bargained for. Even with all the security measures in place and a secured website, hackers can and do gain access to companies databases and steal valuable information. You also really have no clue where your information is going after you hit the send button, is it going to a real mortgage company or a site set up to steal information?

While some people have had a great mortgage experience from online lenders many do not. The only guaranteed way to make sure that you mortgage company is going to keep your information private and confidential is to choose a local lender and walk into their office and talk face to face with your loan officer. That can only be done with a local lender and is not possible you apply for a mortgage online.