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One of the worst mistakes a borrower can make is to select (or be talked into) the wrong instrument. There is no point in visiting a site that does not offer the type of mortgage you need.

Shopping single-lender Web sites: Products

This is the fourth in my series of reports on the following single-lender Web sites: (1)Indymac.com, (2)eloan.com, (3)citimortgage.com, (4)wamuhomeloans.com, (5)mortgagebot.com, (6)infoloan.com, (7)mortgage.com, (8)mortgage.etrade.com, (9)greenpointmortgage.com, (10)firstunion.com, (11)quickenloans.quicken.com, (12)countrywide.com, (13)charteronedirect.com, and (14)regionsmortgage.com. The rankings are based on a point scoring system that will be referred to below.

My previous column identified one of the strengths of these sites. With few exceptions, they showed fixed dollar fees as well as rates and points, and complete estimates of other settlement costs. This week, we see one of their weakest features: scanty coverage of different mortgage types.

All 14 sites offered 15 and 30-year fixed rate mortgages (FRMs), but beyond that they differed all over the lot. I gave a point for each of the following product types that could be priced on the site: 10-year and 20-year FRMs, 1, 3 and 6-month ARMs, 1, 3, 5, 7 and 10-year ARMs, flexible payment ARMs, 5-year and 7-year balloons, and FHA and VA loans of any type.

Most borrowers prefer fixed-rate loans (FRMs) because the payments are fixed for the life of the loan. On conventional FRMs, borrowers select from among different terms, based largely on their ability to afford the payments. Thirty-year FRMs are the most popular because the payments are the lowest. Fifteen-year FRMs are next because the interest rate is lower than on the 30. While all the sites showed these loans, only sites 5, 6, 7, 8 and 10 priced 20 year FRMs, and only sites 6 and 10 priced 10-year FRMs.

Adjustable rate mortgages (ARMs) with initial rate periods of 3 to 10 years allow borrowers with relatively short time horizons to take advantage of lower initial rates than are available on FRMs. ARMs with shorter initial rate periods and lower initial rates are for borrowers who need the lowest rate to qualify for the loan they want. Flexible payment ARMs serve this purpose as well, and also attract borrowers who confidently expect their incomes to rise. All the sites except site 9 offer ARMs, the number ranging from 2 at site 7 to 8 at site 6.

Complete ARM pricing, however, includes more than rate, points and dollar fees. To understand what may happen to the rate when the initial rate period is over, shoppers must know the index to which the interest rate is tied, and its current value; the margin that is added to the index; any caps on rate adjustments; and the lifetime rate maximum. I awarded a point for each of these items. Only sites 2 and 6 provide all of this information.

Five-year and 7-year balloon loans are 30-year FRMs on which the balance at the end of 5 or 7 years must be "rolled over" or refinanced at that time. They are similar to 5 and 7-year ARMs except that most such ARMs have caps on the size of the rate adjustment after 5 or 7 years. With a balloon loan, the borrower pays the market rate prevailing at the time - it is like an ARM with no limit on the size of any rate increase.

Since they are riskier to the borrower, balloon loans are priced a little lower than comparable ARMs. Balloon loans are for borrowers with the greatest confidence that they will be out of the house before the balance becomes due.

Only sites 3, 4, 7, 8 and 9 priced balloon loans.

On FHA loans, the federal government insures lenders against non-payment by borrowers. FHAs are for borrowers who need loans of modest size, can't make much of a down payment, and have not-so-good credit. FHA also allows relatively high ratios of expense to income and will allow the income of co-borrowers who don't live in the house to count fully in measuring income adequacy. FHA is also liberal in allowing gifts to be used for paying settlement costs. VA loans are roughly similar but limited to ex-members of our armed forces. Only site 12 priced FHA and VA loans.