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vishalsaxena03 · Joined: 06 Dec 2007 Posts: 1 1.32 Dollars($)

Hello, i am an internet surfer and wants answer of my question. are we safe to apply online for mortgage or not?

ckalvesmaki · Posted: Thu Dec 06, 2007 6:31 am Post subject:

There are thousands of sites on the internet that are Mortgage Lead Generators. These sites look like and seem like they are going to give you a quote for a mortgage all you have to do is answer a few questions. The problem is they do not do loans (well most of them do not) they sell data ie: Mortgage Leads. Internet leads are offered to brokers/bankers for anywhere from $15 - $75 per lead. The web sites profit from your name and your phone number and even more from your social if you put that in. I pulled a report today from someone that had used lending tree, you know"when banks compete you win". Great marketing, but here is the problem. Over the last two months there have been 48 inquiries on their credit. Thats right 48? How much money do you think lending tree made from this one lead? How much damage do you think that will have on this consumers credit?
Now I did not buy a lead these folks actually contacted me from here. I hope they do not take offense at this post. It is merely to inform others that this is what happens.
Now I personally think the internet is great, from toothpicks to mortgages to homes to luxury liners you can find everything you need here. BUT you must know and trust the source before you give your information. I did not even ask how many calls they had received. I do know that they contacted me because every one of the people they had talked to had seemed "untrustworthy" (I think the term was shady) and gave them the run around.
If you do not know who will get your information DO NOT fill in the information. Simple as that. In other words stay away from Lending Tree and BankRate.com

Simply put........I for an example use a website to take all of my applications......your information is secure and I am the only one that see's it......In reality it's a far more secure way of doing business than actually taking a paper application......A good test of customer service is to email the company or person and see how long it takes to get a response.....if you get an automated response and no actual follow up you may not want to do business with that person or company.......at the same time........if an upfron fee is asked for to apply.....then you may want to move on to the next person.......

Have a Great Holiday Season.

chrisburns · Posted: Thu Dec 06, 2007 12:01 pm Post subject:

I would say you are comletely safe. Just be aware that 80% of the sites are just trying to generate lists and will sell your information.

DO NOT.. under any circumstances provide your social security on any online mortgage application.

Many companies only take your information for the sole purpose of an inhouse lead and will never divulge any of your information to anyone, however it's still better to be safe than sorry and not provide your social.

Be aware that you may be getting mortgage releated calls for years to come though Smile

Just look for a number and place a call. It's much more personal and safe for your info that way.

rick · Posted: Thu Dec 06, 2007 7:51 pm Post subject:

Although I have a website, like many other mortgage brokers that can take a loan application, I'd always rather talk with a potential client to discuss goals and weigh alternatives. Getting a loan should take a lot more thought and discussion, say, as compared to buying an airline ticket on line. This is just my opinion.

evolovik26 · Posted: Fri Dec 07, 2007 4:53 pm Post subject:

You can do the online thing its secure enough but you will get alot of calls from people you never heard of trying to sell you on a mortgage program. Most will likely be legit but some can be scammers. So just watch out get GFEs and research the lender.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

It generally is pretty safe. However, there are a few things to be careful of. There are many mortgage comparison sites that say they match you but really just send your information to the mortgage companies that will pay the most. Then sometimes those mortgage companies sell the info back to lead companies and next thing you know you'll get 20 calls in a week. edited for solicitation

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