Shopping online for a home mortgage is a lot like trading stocks on the Internet. You've got the power, but that doesn't mean you know how to use it.

According to online mortgage specialists (in a recent survey), first time buyers, or people that have very limited knowledge on mortgages, are probably better off consulting a 'live' mortgage lender or broker. Someone you can 'touch and feel' and most of all trust! But for those of you familiar with the 'ins and outs' of mortgages, online shopping can be a very time effective way to secure a great mortgage - and a great rate!

However even for people with good mortgage understanding, the following is suggested before you venture online:

• Consider taking a mortgage workshop, seminar or class. Many experts offer them free!
  
  

• Don't assume that online rates are better than 'offline' rates. 'Old-fashioned' lenders know they have strong, new competition on the web, so shop both on and off line to secure the best deal.
  
  
• Don't start mortgage applications online if you don't have regular use of the Internet - most online brokers will communicate via email to inform you of your mortgage's progress.
  
  
• Be selective - don't apply to too many. For each application you zip through online you generate another line on your credit report. Too many of these lines could cause a cautious lender to reject you.
  
  
• Choose an online broker from your city or province. Nearby brokers should be licensed by your local regulatory agency and must therefore adhere to local regulations. Problems with 'long distance' brokers could prove challenging to resolve.
  
  
• Do your homework and research the lender. Even though the broker finds the mortgage, the lender is still the one funding it.
  
  
• Be wary of 'switch and bait', 'teaser-rates' and other marketing ploys common both on and off line. < br>
  
• Get a rate lock and get it in writing. Electronic signatures are still a ways off - have them follow up with a fax.
  
  And good luck!

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