An online mortgage broker is a person who is your financial “shopping assistant.” They have various mortgage programs and loans at their disposal and work with hundreds of different lenders.
These types of brokers are usually independent contractors, meaning that they work for no pay from the actual lending institutions that they recommend. In addition, they typically don’t do any advertising on their own but rely on word of mouth from their current clients to help build their businesses. To find these brokers in your area, all you need to do is use a search engine, like Google or Yahoo, and type in phrases like “online mortgage brokers” or “online mortgage,” and you’ll pull up a list of links to these lenders in your area. Once you find one that you feel comfortable working with, you can fill out an online application and start communicating with them over the Internet.
This online mortgage broker service is much more convenient than filling out paper applications at various loan offices across the country. You can submit your application in a matter of minutes instead of mailing it in along with a bunch of paperwork. This saves you time and money and gives you the peace of mind that comes from getting the loan you need without going through the typical application process.