Using the Internet to shop for a mortgage lender will save you a lot of time and frustration.

When shopping for a mortgage loan contact as many lenders and mortgage brokers at possible. It is important when you are doing this that you do not let the lenders or brokers access your credit. Do this by asking lenders for a No Obligation Quote. You will need to provide an accurate assessment of your credit rating to receive the quote.

Before you start shopping for a lender you need to make certain your credit report is accurate. You can order a free copy from each of the three credit reporting agencies every year. There is no need to purchase a credit report from Internet sites; the credit agencies are now required by law to provide one free copy of their report to you. To access your credit report free of charge, visit the website annualcreditreport.com. Ordering this credit report will not count as a lender inquiry; remember you want to limit the number of lenders accessing your credit as this could negatively influence your interest rate. If you find any discrepancies on these credit reports you will need to dispute the errors with the corresponding credit agency prior to applying for your new mortgage loan.

When applying for a mortgage online be careful that information you provide for the no obligation quotes is accurate. If this information, including the credit history, is inaccurate you may be disappointed when the lender comes back with different terms or a higher interest rate because of the discrepancy. Do not inflate your income or credit standing when shopping for a lender; this will only serve to waste your time and disappoint you when you cannot qualify for the loan.

Be a smart online consumer. Look for mortgage sites that offer SSL encryption, have an online privacy policy, and are endorsed by the better business bureau online. Reputable online lenders prominently display these logos on their sites.