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6 features you need in a one-stop mortgage shop

If site doesn't offer them, take your business elsewhere

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From the beginning, the basic promise of multi-lender, Internet-based sites was that they would provide one-stop shopping. With my colleague Jack Pritchard, I recently examined 13 major mortgage websites to see how well this promise has been fulfilled. We found that many sites are less than forthcoming, and even misleading, just like the humans they are supposed to replace. This doesn't mean you should avoid mortgage websites -- they remain the best game in town. But great care is required in selecting the site on which to shop. You want to be able to shop effectively, which means that the price you ultimately lock is the lowest available from all the lenders on the site, for your particular deal, at the time of the lock. This article will indicate the major features a mortgage site should have for borrowers to shop effectively. Anonymous shopping: Select a site that allows you to shop without revealing contact information. Otherwise, you will be besieged by telephone ca...