Online Mortgage Availability

One of the most common ways to get a mortgage now is to go online.  It wasn't many years ago that the only way to get a loan was go to your local bank and fill out an application.  Then Mortgage companies were formed to lend money that weren't tied to a local bank.

There are several big names in online mortgages.  Almost all of the big banks such as Citibank, Chase, are competing in the game along with Quicken, GMAC, E-Loans, and many others. 

The Online Mortgage game is played by three different types.  There are Lead Generators, Direct Lenders and Mortgage Brokers.

Lead Generators will basically get you to fill out an application and then they will either sell your lead to a Mortgage broker or sell it to a direct lender.

A Direct lender is a Bank or financial institution.  They are ultimately the ones making the loan.

A Mortgage Broker is a company that will take your loan application and shop it around to different lenders.  They will then end up finding a Direct Lender who will take the loan.  They will be paid a fee from the direct lendor or there will be a margin in the loan that they will be paid after the loan gets placed.

Online Mortgages will often be slightly less expensive than going to a local lender because the competition is very fierce and often they have lower expense in getting the loan processed.  As long as you deal with a reputable company you should be fine getting a mortgage online.