When consumers search the Internet for lenders, they're usually limited to various Web sites that present only a small number of lenders with whom that site provider has an agreement. While consumers may compare the rates of those lenders, the odds are that their rates are comparable. If all of them have an agreement with the site provider, they're probably on an even playing field for consumers' business, in terms of their respective interest rates and available services.

How can consumers tell if the services and rates they're finding online are really the best deal available? The answer is, they can't -- without that site and doing a considerable amount of homework and comparison shopping among various providers who don't necessarily advertise or maintain a presence online. Doing that research often means picking up the phone, dragging out the Yellow Pages or getting in your car. Or you can take a shortcut and log on to Mortgage Expo.com, a Web site devoted to helping consumers locate lenders throughout the United States.

Consumers simply enter in the zip codes in which they live, and the site conducts a search of local lenders. Consumers are then presented with a fairly representative list of available lenders (who are in Mortgage Expo's comprehensive network), and may then do online comparison shopping to determine the best lender for their needs. While the site's approach is much like other financial service providers on the Web, Mortgage Expo's selling point is its large national database of lenders.

Many of us are wary about entering our personal financial information into a computer, clicking a mouse and letting our private data float through cyberspace. Mortgage Expo.com, however, touts its advanced technology ("secure socket layers"), which enables data to be transmitted to the Mortgage Expo.com server with the highest degree of privacy.

Calling itself an online "financial marketplace," Mortgage Expo.com asks consumers for their e-mail addresses, personal and other related income, and additional information related to the loan they're looking to obtain. The site then gathers that data and matches consumers with appropriate loan products. After you, the consumer, fill out an online loan request, Mortgage Expo.com submits the request to a suitable lender in your area. The lender will contact you within 24 hours, either by phone or e-mail. Consumers are under no commitment to use that lender and may continue their searches if they see fit, but Mortgage Expo claims its affiliated lenders are able to obtain the best available rates.

This visually attractive and easy-to-navigate site also provides a mortgage glossary, a list of mortgage "F.A.Q.s" (Frequently Asked Questions, which are answered in thorough detail), and a "Neighborhood News" link. This valuable link leads consumers to a home sales report, which enables them to determine the current market value of a property; a neighborhood demographic report, which briefs consumers about the neighborhood they're considering, including details about local employment rates, shopping, public services and more; and a local crime report, which allows consumers to view federal crime statistics for the district surrounding their prospective neighborhoods and properties.

You'll also find a helpful link on closing costs, which gives you the facts on this perplexing subject. Mortgage Expo tells you how much you can expect to pay in closing costs, and provides a thorough breakdown of the various fees contributing to that sum. The site also provides a mortgage calculator and a "Moving and Storage" link that will help you locate a moving specialist in your area. Once you've answered a series of questions about your destination city and volume of belongings, a specialist will contact you within 24 hours either by phone or e-mail. You can use the same link to obtain a free moving estimate as well as a handy "moving calendar," which breaks the tedious tasks involved in moving down to a schedule that you can handle more easily.

If you're a lender, you'll want to check out Mortgage Expo's "For Lenders" link, which passes along testimonials from satisfied affiliates. Whether you're a lender or a consumer, it's clear that the Internet has turned the potentially perplexing and time-consuming financial service into a much easier process. Mortgage Expo.com is a good resource for anyone seeking the best rate possible. The site also is an excellent introduction to the subject of lending. Regardless of whether or not you ultimately use a Mortgage Expo-affiliated lender, you'll want to consult the site for its glossary and F.A.Q.s, which explain mortgages clearly and without financial jargon.

Published: March 2, 1999

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