| If you are considering using the Internet to find | | | | charged as much as $1,300 for their part in "arranging" |
| mortgage quotes, there is a hidden fee you need to be | | | | your loan. How can you avoid this ridiculous mortgage |
| aware of. A large number of websites sites charge | | | | junk fee? |
| this fee, as much as $1,300 to unsuspecting | | | | Before you enter any personal information online |
| homeowners that visit their sites. Here are several tips | | | | check the license and disclosure statement to find out |
| to help you avoid overpaying when requesting | | | | how the information is being used. If the mortgage |
| mortgage quotes on the Internet. | | | | lender that approves your loan charges you a fee for |
| The overwhelming majority of mortgage sites on the | | | | the referral you will find it disclosed here. Watch out |
| web actually have nothing to do with mortgage loans | | | | for sites that do not have disclosure statements, these |
| at all. These companies put up a flashy website, | | | | are special category of mortgage lender known as |
| advertise on television with catchy phrases about | | | | Broker-Banks. Thanks to the banking lobby, the Real |
| competing, and collect your contact information with a | | | | Estate Settlement Procedures Act was changed in |
| form. Once they have your information they turn and | | | | 1999 to exclude Banks and Broker-Banks from having |
| sell it to every Mortgage Company and broker willing | | | | to disclose the profit margins on their mortgages. |
| to pay for your contact information. | | | | If you want to avoid overpaying for your next |
| These sites exist to generate mortgage leads and if | | | | mortgage watch out for websites that do not have |
| you fill out that form you can expect to see a charge | | | | disclosure statements and charge "computerized loan |
| on your Good Faith Estimate called a "Computerized | | | | origination" fees. You can learn more about avoiding |
| Loan Origination Fee." Because you requested | | | | costly mortgage mistakes with a free mortgage |
| mortgage information from that website you will be | | | | tutorial. |