The internet is fast becoming an integral part of our lives. It’s evolved from an information source to a place where we now make buying decisions and purchases. In fact, many consumers now prefer the convenience, selection and speed of delivery of internet transactions over the traditional store experience.
One of the online laggards financial services transactions. This is likely to change however as the internet generation comes of age. With comfort levels growing, consumers are more willing to disclose credit card and other personal information in on-line forms. As a result we are already seeing an increase in the number of online loan and mortgage transactions. But is it safe?
There is always a risk in disclosing your personal information. This risk is due to the fact that personal information is a valuable commodity to the criminal world. There are documented cases of security breaches at bank branches, mortgage brokerages and law firms, but there is no documented identify theft or fraud from intercepted mortgage application data. This is because online mortgage applications secure data using sophisticated encryption algorithms making it extremely difficult for fraudsters to steal information.
The trick is to ensure that you’re dealing with a reputable mortgage professional who will keep your information secure. Check to make sure that the mortgage brokerage is properly licensed and that they are using a secure mortgage application. This can be confirmed by the presence of picture of a padlock in the address bar.