Internet-only banks, on the other hand, continue to compete by offering some of the highest interest rates on checking and savings accounts and CDs. But the very high rates that online banks are paying has led some to question how long such deals can last. What it means to you. You can take advantage of the higher rates offered by online banks, but those that offer access both online and off are more convenient. The Internet will streamline the hassles and paperwork involved in getting a mortgage, providing an easy way to shop for, apply for and close the deal on low-rate loans.
People love to check out mortgage rates online.
But when it comes to signing on the dotted line, they prefer to work with a human. About 4 percent of home buyers have used the Web to apply for a mortgage, and less than 1 percent have closed a loan that originated online, according to Gomez Advisors. What it means to you. Most mortgage sites are primarily referral systems that farm you out to lenders you may know little about. At this point, online resources remain better jumping-off points for familiarizing yourself with rates and terms available in the marketplace than tools for closing deals.