It is not surprising to find out that homebuyers are browsing and shopping for homes online, but is it surprising that they're borrowing the money to buy those homes on websites without ever meeting with a broker face to face? It is true that many people prefer to meet with a broker face to face, and as a result many online brokers have gone out of business, but the web still offers numerous online brokers that offer 24-hour access, seven days a week to those who prefer to go about getting their mortgage online.



So what do these sites have to offer? Besides the convenience of 24-7 access, these sites also offer borrowers a place to go where lenders will compete for their business. People with excellent credit may get immediate preliminary responses; others may have to wait a day or two for the offers and quotes to come in. Many of these sites offer sub-prime lenders who cater to those with damaged credit. Online brokers offer easy, automated access without the hassle of having to go into a physical office.

If an online mortgage broker is for you, and you don't care if you meet face to face with a live person, there are precautions that you should take to ensure you are doing business with a reputable broker or firm. The first thing you will want to do is make sure that they are licensed by your state's regulatory agency, if such licensing exists.

You'll also want to make sure that any personal information you submit through the site is sent over a secure connection. If it's not, your information is at risk of being stolen by unscrupulous individuals who hack into systems. Identity theft is a growing concern, and you should make sure your information is safeguarded during this process.

Also, when you do find an online broker that you want to apply with, stick with that one broker. If you go to too many different brokerage sites, they will each pull your credit report and it will have a negative impact on your credit rating. Each time your credit report is pulled, an inquiry shows up on the report. Too many inquiries have a negative impact on your total credit score.