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In pre-Internet days, this was the way you shopped. You went to the store, compared prices and features, and decided what to buy based what they had.

And when it came to shopping for loans or credit cards, you went to the local bank or credit union: there was no way to shop nationwide for the best deal.

But now, you can go to any number of websites and search for mortgages, savings accounts, credit cards, even insurance policies.

For example, on this site you put in your zip code, tell it how much you want for a mortgage, and presto: it returns a list it calls the best rates in your area.

Now, rate searches like this are very useful - they help you comparison shop. But understand something, sometimes the results you get may be stacked for the web site, and not for you.

For example, look at this typical mortgage search. What it should be is the lowest APR at the top. The lowest APR is what you're looking for. That's not the lowest APR. The lowest one is underneath it, this is the best loan. Why is this one at the top?

Now why do these sites do this? Because more than likely, this site is getting paid for showing this rate here, but they're not getting paid for showing the lower and better rate.

That's one problem with online rate searches. Another problem? While they do show you a lot of rates, they may not show you all the rates.

Maybe a small local credit union or bank has a better deal. No site searches everywhere - so you shouldn't stop with online searches. You've got to beat the local bushes too.

Bottom line? Online rate searches are useful and you should use them - with care. Remember how they make money so you can too. Want more information on using these and other online tools? It's right here at MoneyTalksNews.com.

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