When shopping for a mortgage there are a number of resources online to get an idea of what mortgage programs and mortgage rates are available. However, submitting your information online can leave yourself open to unwanted solicitations from lenders all around the country.

We have all seen websites out there that promote “get a quote from the top 4 lenders,” but what really happens when you put your information online to get the best mortgage quote?

The first thing that happens is the information that you put online is usually verified as accurate or inaccurate by the website vendor. If your information is accurate, then mortgage lenders can pay in upwards of $50 for your contact information.

However, not everybody buying your information is a mortgage lender. Believe it or not some mortgage lead website do sell your information to other lead companies and your information is sold over and over again.

By filling out your information at a website that promises only 4 phone calls from the top mortgage lenders can turn out to be 10, 20 or even 30 or more phone calls from lenders around the nation.

When shopping for a mortgage, your best bet is to actually contact the mortgage lenders yourself after doing a little bit of research. This may seem time consuming but I have a few tips that can help you find trusted local mortgage lenders in your neighborhood.

The first step to finding a local lender is to google your cities name along with mortgage brokers, mortgage lenders, mortgage rates and so on. When doing this you must also be careful that you do not stumble upon a national website that is specific for generating leads for mortgage lenders across the nation.

The first and most obvious thing to look for when browsing mortgage lenders is a local address and a local phone number. You can verify a mortgage lenders status by visiting the consumer access at the NMLS. This website will give you all the pertinent information needed to make sure the lender is licensed in your state and how long they have been in business.

The second step would be to check with the BBB to make sure the lender is in good standing. I would also check ripoffreport.com to see if any consumers have had complaints about a certain company.

These two steps alone should help you narrow down your own 4 local lenders that may be able to help you with the financing of a home.

The last step into shopping for a mortgage would be to give these lenders a call and talk with a representative to see if they actually know what they are talking about and are able to understand your situation.

I hope this information helps as you shop for your new mortgage. Also, if you live in Minnesota, you can view mortgage rates in Minnesota on my site.