You may have already noticed at some point in time that if you look at search engines like Yahoo or Google you are bound to see hundreds of websites advertising for mortgages. Most of these are actually operated and maintained by mortgage brokers, both large and small. Some of them are independent brokerages and others are chains. The one thing they all have in common is that they will offer you a shot at making an inquiry regarding a mortgage loan.

There is a big disadvantage to finding a mortgage in this way and that disadvantage seems to grow even more as the interest grows. The disadvantage arises when you fill out a long application form and submit it. The reason this is a problem is because by doing this you are actually applying to multiple mortgage companies at once. This means that all of them will more than likely be running your credit. As you may already know, having your credit run too many times can result in lowering your credit, even if only temporarily. In addition, if you have more than just a couple of credit enquiries in a short period of time this makes you look like a risk to lenders.

For this reason it is fine to check online to locate a mortgage broker but be cautious when it comes to actually filling out the online application. The same can be said for any type of loan you are looking for online. Watch out for sites that submit your application to a number of sites at the same time. When it comes to getting insurance or something like that this is fine but anytime you are dealing with credit report requests you run into issues. Better not to put yourself in that position in the first place.