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1. Not all online home loan mortgage lenders have representation in all 50 states – so if you do apply for a mortgage loan online, make sure they’re represented in your home state.
2. Accountability can be a problem – you really need to stay on top of things, which can be troublesome if you don’t know what you’re doing.
3. You may be getting deal that best suits their needs, not yours.
4. Sometimes you have to pay an application fee even before you know if your application has been successful – something that is not always case in ‘real’ world.
5. If things go wrong, and your online home loan mortgage provider doesn’t come through, there’s no formal organization you can complain to.
So, while applying for a home loan mortgage online may be a good idea, to keep your options open you may also want to talk with a real estate broker in 'real world' about applying for your home loan mortgage. That way you can make your final decision of who to go with when you are closer to locking in loan.
To see a list of recommended mortgage loan companies online, visit this page: www.abcloanguide.com/mortgageloans.shtml. Carrie Reeder is the owner of ABC Loan Guide. It is an informational loan website, with informative articles and the latest finance news.