3 places to hunt for a mortgage

ORLANDO, Fla. – June 15, 2009 – Getting a mortgage isn’t easy these days, particularly since many banks have tightened crediting, which ultimately keeps some buyers out. As a result, more borrowers shop for a mortgage online, which they can do anonymously and still get accurate rates.

According to a recent article on CNNMoney.com, three Web sites get mortgage-shoppers started. These sites act as a referral source, though, and borrowers still need to close with a bank or mortgage broker.

• Zillow.com (http://www.zillow.com): Zillow allows visitors to read reports of other people’s experiences with a lender.
• MortgageMarvel.com (http://mortgagemarvel.com): This site updates mortgage rates in real time, making it a good place to find deals.
• LendingTree.com (http://www.lendingtree.com): This site matches a potential borrower with four lenders who will offer their best rates. The downside is that lenders pull credit scores, which could hurt a borrower’s credit.

Regardless on what bank or mortgage broker borrowers use for their mortgage, they should expect to pay an average of $3,118 in fees, according to CNNMoney.com.

Source: CNNMoney.com, Beth Braverman (06/09/2009)

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