Shopping for a mortgage can, unfortunately, be complex, frustrating and time consuming. If you are in the market for a mortgage refinancing or second mortgage, the Internet can be a great place to research and shop for a loan on your terms. At the same time, the amount of information available regarding mortgage refinancing programs on the Internet can be overwhelming. For example, searching for the phrase "mortgage refinancing" on Google returns 8,600,000 results. Searching for "second mortgage" on Yahoo returns 37,500,000 web pages.

From these millions of results, you will find two main categories of websites:

1. Actual mortgage companies

2. Lead sellers or "aggregators"

Following is information for both types of results.

Mortgage Company - This is just as it sounds and is an actual company that is in business to do first or second mortgages. It will likely take the form of either a mortgage broker or mortgage banker. You can usually recognize websites that are mortgage companies by the following:

1. They will post an easily viewable phone number that you can call.

2. They will post their address.

3. Their mortgage licensing information should be posted on the site.

4. They may post current interest rates for either their mortgage refinancing or second mortgage programs.

5. They may have an "about us" or staff directory page.

Lead Seller - Lead sellers are in business to gather your information and then sell it to a mortgage company. They are not mortgage refinancing companies and do not make loans. The majority of these sites use some variation of "simplify the mortgage shopping process by completing 1 form and have up to 4 mortgage companies compete for your business". While these sites can certainly deliver as promised, you should also consider the following if you are completing one of their forms:

1. Are they using a secure connection to collect and transmit your information?

2. Do you know where your information is going?

3. Are you sure they will only sell your information 4 times. As with many industries, this industry has its share of dishonesty. The lead sellers are paid each time they sell your name, so some do not stop at 4 as promoted. From personal experience working on the mortgage side of business, I have spoken with clients whose names have been sold 15 - 20 times. The end result is a phone that keeps ringing and frustration.

4. Be careful filling out more than one of these types of forms. Completing more than 1 will likely inundate you with telephone calls and emails.

When shopping for a mortgage refinancing or second mortgage, it is wise to speak with more than 1 company. If, during your search, you cannot find at least 2 or 3 mortgage company websites that you like, you might consider completing a lead aggregators form. Just remember that you do not want to end up with information overload.

About the author:

Chris France is a professional mortgage planner with over 10 years lending and banking experience. He is a manager with CFIC Home Mortgage providing both purchase and refinance transactions. Chris holds a B.S. in Finance and is Fair Credit Reporting Act certified. Mortgage Refinancing and Second Mortgage Services. Phone: 1-800-943-9472.