During the height of the real estate market, most borrowers who applied for a mortgage received one.  However, in today’s lending environment, consumers should be more cautious about where they apply for a loan and from which Web sites they receive quotes.

Borrowers should be cautious about sites that request a Social Security number and address upfront.  The site may pull the consumer’s credit report, which could have a negative impact on their FICO score should they not apply for the mortgage.

It’s also important that consumers ensure that all fees are clearly disclosed on a site’s rate quote.  Otherwise they may be surprised when receiving the paperwork from the lender.

Borrowers who are unsure of which type of mortgage is best for them and their situation should contact a mortgage broker.  Those in the market for a jumbo loan or financing an investment property may best be served by working with an experienced broker.