Online Mortgages - Learn How to Use the Web to Shop For Deals

Shopping around for the best interest rates on a mortgage? With so many competing companies offering the so-called "lowest mortgage rates" it can be hard to know what it is you should really be looking at. Online mortgage quotes are generally a great place to start your investigation.

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?

Taking a few moments to consider these elements may make a huge difference. Remember that there are many shady businesses online whose only business is taking your money and running with it. Be sure that you never give out your personal financial details on a site that does not use a secure connection (look for https:// in the url and a little padlock in the bottom right or left hand corner of your screen) if these are not present, you should not pass along any personal information on that site.

Once you've conducted your research on rates, you'll want to move forward with processing - the next thing to do after that is move into your new house!

Alex Westwood is an expert when it comes to mortgages. He is an advocate for online mortgages and suggests using the Internet to research the best mortgage rates. In his spare time he writes for DebtCentral.com.