SHOPPING FOR A MORTGAGE:
Shopping for a mortgage "online" can be a real adventure. The anonymity of the online world makes it ripe for mortgage scams. Studies show that more mortgage consumers are finding their home mortgage loans online. The birth of the Internet has led to a global market for many industries and the home mortgage loan is no exception to the rule.
However, it is not all rosy in the land of online mortgages, because lurking among the legitimate mortgage lenders, is a new breed of online mortgage scammers who are loving the anonymity of the online world.
Hundreds, if not thousands of web sites exist posing as a mortgage lender. Unfortunately, many of them are "NOT" mortgage brokers or lenders. Typically, these sites are mortgage leads generators, telemarketers, spammers, scammers, fly by night brokers, etc., who probably operate out of a basement. They have one common goal, to capture your personal information and either use it, or sell it for questionable reasons.
When shopping for a mortgage "credibility" is very important. Credibility is the believability of a statement, or source, and the propensity of the mortgage shopper to believe that statement. Be cautious or wary if the mortgage broker/loan officer tells you something that is too good to be true, because it usually is. For the mortgage shopper to make an intelligent decision, you must know that the "discussion" you had with the mortgage broker and information provided is accurate and reliable.
This may mean verifying the "credibility" of the source. As a mortgage shopper, you have probably been overwhelmed with a lot of information told to you by someone you do not know. It's in your best interest to know if the information and the source is accurate and trustworthy.
IMPORTANT POINTS TO KEEP IN MIND:
According to State of Florida and Federal laws, a mortgage broker or lender who receives a completed mortgage application, is required to submit a written Good Faith Estimate & Truth-In-Lending statements to the borrower. In addition, other various written disclosures are required depending upon the mortgage program, property, etc.