Let’s start with the advantages of online mortgage lending.

In some cases, you’ll find online mortgage lending fees can be much cheaper than traditional ‘in person’ lenders.

Further, when it comes to online mortgage lending you may discover a greater range of mortgage loan programs available. Among the highlights of these programs may be lower rates of interest and flexible repayment terms.

Also, borrowers with a bad credit history may find online mortgage lending to be the answer to their prayers. In most cases, web-based lenders offer more alternatives to those with less than desirable credit ratings.

Finally, online mortgage lending can shave a ton of time off of the traditional ‘in person’ route and having to wait (what might be several days) to be approved. The bonus here is if you don’t get approved the first time, you can apply to another lender right away and like the first time, you’ll get your answer quick.

Now let’s explore the disadvantages of online mortgage lending.

It’s important to realize that not all online mortgage lenders have representation in each of the 50 states. Before taking the time to apply online, it’s in your best interest to make sure that the lender in question is represented in the state in which you reside.

A big negative with online mortgage lending is unfortunately

Unfortunately with both traditional and online mortgage lending, the mortgage loan programs offered may be more in lender’s best interest than in yours. Again, it’s so very important that you do some research and comparison shopping. Just like with traditional ‘in person’ lenders you want to make sure that any online mortgage lending is in your best interest not theirs.

Another possible negative is the fact that some online mortgage lenders will charge you a fee prior to you learning whether or not your application has been successful. Please note that some traditional lenders also ask for a fee upfront. Borrowers beware – there are many legitimate traditional and online lenders than don’t insist on such a fee.

Unlike any negative dealings you may have with traditional mortgage lenders, online mortgage lending isn’t regulated by a governing organization in which you can complain to.

The bottom line is that while online mortgage lending may be the way of the future, it’s also important to research the lender and ask the right questions. And, while applying for a mortgage loan online may seem like a great idea, don’t discount the value of getting a comparison quote from a traditional ‘in person’ lender.

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