(This is Part 2 of a three-part series. See Part 1: Why shop for a real estate loan online? and Part 3: Best way to shop for real estate loan online.) Borrowers who shop for a mortgage online, for any of the reasons I discussed last week, should only spend time on sites that price their loan. If a site doesn't price the type of loan you want, with the features you require, don't bother with it. You are online to shop, not to be seduced into making a phone call. To help, I recently scored 21 sites for the depth and comprehensiveness of the information provided to shoppers. Of these, I considered 17 worth listing on my Web site because they had some price functionality and showed all settlement costs. The Best: The highest-ranked site was www.E-LOAN.com, followed closely by www.mortgage.com (the site of ABN AMRO), and www.indymac.com. E-LOAN is the only site that meets all my requirements for the designation of Upfront Mortgage Lender (UML). Among other things, UMLs provide a summar...
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by Amber Taufen | Today 3:00 A.M.