Smarter Internet Research; How to Find the Best Mortgage Refinancing or Second Mortgage Company.

Shopping for a mortgage can be complex, frustrating, and time-consuming. If you're in the market for mortgage refinancing or a second mortgage, the Internet can be an excellent resource for researching and shopping for a loan on your terms. However, the sheer amount of information available online can be overwhelming. For instance, searching for “mortgage refinancing” on Google returns millions of results, and “second mortgage” on Yahoo yields even more.

From these vast results, you'll find two main types of websites:

1. Actual Mortgage Companies

2. Lead Sellers or “Aggregators”

Here’s a breakdown of each type and how to navigate them:

Mortgage Companies

These are actual businesses that offer first or second mortgages, typically in the form of mortgage brokers or mortgage bankers. You can usually identify these websites by the following characteristics:

1. Easily Viewable Phone Number: They post a phone number that you can call for inquiries.

2. Address: They list their physical address on the site.

3. Mortgage Licensing Information: Their licensing information is posted, ensuring they are legitimate.

4. Current Interest Rates: They may display current interest rates for their mortgage refinancing or second mortgage programs.

5. About Us or Staff Directory Page: They often have pages detailing their staff and company information.

Lead Sellers

Lead sellers gather your information and then sell it to mortgage companies. They do not make loans themselves. These sites often use phrases like “simplify the mortgage shopping process by completing one form and have up to four mortgage companies compete for your business.” While they can deliver as promised, consider the following before filling out their forms:

1. Secure Connection: Ensure they use a secure connection to collect and transmit your information.

2. Information Destination: Know where your information is going and who will have access to it.

3. Limit on Information Sales: Verify they will only sell your information four times, as advertised. Some dishonest sellers may sell your information multiple times, leading to numerous unsolicited calls and emails.

4. Caution with Multiple Forms: Filling out multiple forms on these sites can result in an overwhelming number of phone calls and emails.

Tips for Effective Mortgage Shopping

- Talk to Multiple Companies: It's wise to speak with more than one company to compare offers.

- Beware of Information Overload: If you struggle to find two or three mortgage company websites you like, consider using a lead aggregator cautiously.

- Verify Legitimacy: Always verify the legitimacy of the mortgage company or lead seller to avoid scams and unnecessary hassles.

By understanding the differences between mortgage companies and lead sellers, you can navigate the mortgage shopping process more effectively and make informed decisions that best suit your financial needs.