by Ben Turner

Created on: November 15, 2008   Last Updated: November 16, 2008

In today's market and current financial situation, shopping for an online mortgage can be frustrating, if not plain downright frightening. As the credit markets have tightened and loans are harder to come by, it certainly can pay to shop online to find the mortgage package that fits your specific needs. One needs to consider several factors before starting their search, first and foremost being that one is ready to purchase a home by having adequate income, decent credit and some type of down payment. If you don't have these as a minimum, you should consider waiting a while so that you can comfortably position yourself to get the best deal without worrying about having to pay extreme or adjustable rates and being able to negotiate on your terms.

For those that have the minimum requirements met, right now could be a great time to find a good deal on your dream home as housing prices have fallen and in many areas continue to do so, just make sure your new home is not in an area full of foreclosed homes or too depressed economy as this could hurt your future home price for many years to come. Of course, each individual should consider their own situation and make the deal accordingly.

My first advice when searching for an online mortgage deal is merely by using your favorite search engine, Google, Yahoo, etc. and type in your search for "online mortages in KY" for example if you are shopping for a home in Kentucky. I recommend this approach as each state has regulations and restrictions that vary from one to another, so this can help narrow your choice. Take a little time and jot down rates on maybe 4 or 5 of these sites just as a gauge of the going rate without worrying about the company itself. I also recommend going to the sites of 3 major banks, such as Wells Fargo, US Bank, Bank of America, etc. to see what type of rates they are giving. By doing this, you should now a firm average of what the current rate is nationally and in your particular area.

Once you have this average rate in mind, now you can start looking for the deal to meet your specific needs. The number one rule of thumb in all financial shopping to be reminded of is: "If it sounds too good to be true, it probably is." Stay away from any company that promises something that you know deep in your heart just can't be true. It's easy to be tempted to think you can get a $250,000 loan for only $800/month notes, but that is not realistic and there is a catch. ALWAYS! Stay away from any of these so called

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