Others, such as Keystroke Financial and Interloan, are brokers. They troll for the best deal for consumers and process applications. Yet others are essentially referral service or matchmakers. They find a loan for a borrower and then step out of the process. Then there are mortgage auction sites, such as the Lending Tree and Priceline, which solicit bids from lenders based on a consumer's profile.
Most sites charge a fee or a percentage of the loan when a borrower applies.
Additionally, be sure you understand what the Web sites are promising, he says.