Financing in 77059>Question Details

Missa Pooks, Home Buyer in Houston, TX

Should I have any reservations about using an internet (on-line) mortage company for financing the home I am thinking about buying?

Asked by Missa Pooks, Houston, TX Mon Jul 25, 2011

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Yes, you should.

As a listing agent, one of the things I look at in an offer is that the selling agent has a good working relationship with the lender. This is because, to the loan rep, the agent represents a bunch of transactions, not just this one. When an offer comes in and the agent doesn't know the lender, I feel the agent doesn't have any "pull" to get through any hurdles. I also question the reliability of the pre-qualification letter and any promises made to the buyer about getting the loan.

All the best,
1 vote Thank Flag Link Thu Jul 28, 2011
To be honest with you, when it comes to mortgages I prefer that buyers use local lenders, this way they have someone they can go to if there are problems, internet is so anonymous and if the lender wishes to make life hard for you you can be chasing them all over the place just to answer a question!
1 vote Thank Flag Link Mon Jul 25, 2011
It won't matter until you hit a bump - and you will. I strongly recommend you work with a strong mortgage rep and yes, all the better if your agent has a good working relationship with him/her. I look for people who will get out of their chair and make things happen when the need arises.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Serivce, Unsurpassed Results
0 votes Thank Flag Link Fri Apr 12, 2013
Be careful. If you use an online company, they may farm your info out to many lenders and then they ALL will run your credit report. This will really hurt your credit score. Just be careful. I usually recommend three or four local lenders I know and trust. Thanks for your question! It's an important one.
0 votes Thank Flag Link Fri Apr 12, 2013
Yes, go with a real live person so that if/when you hit a bump, there will be an identifiable resource to help you. It never matters when things go smoothly - but this is not a smooth market. Anticipate the bumps and be in the position to deal with them. The resources you choose will make a great deal of difference.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Jul 28, 2011
Hi again, Missa Pooks. Having assisted clients in both formats, you could get exceptionally good or poor service either way. Just because you're local, that doesn't always equate to an loan officer (LO) being assessable, knowledgeable, or professional. Primary concern/question should be whether or not that loan officer is licensed in opposed to just registered? How long have he/her been doing mortgages? And whether his/her mortgage co have their own in-house (not just in-state or in-country) processing, underwriting, and closing depts. Apart from saying, "I do" or "Jesus is Lord", this will be the most important and financially impacting decision you will possibly ever make. Just makes sense to expect and demand that those assisting you to make it are properly and competently equipped to do so.
0 votes Thank Flag Link Mon Jul 25, 2011
Yes. The previous answers are good.

And as Marie suggests, ask your Realtor for some suggestions. Your agent wants the deal to close, so he/she will refer you to some with whom there's a good relationship. Someone dependable. Note: Your agent won't be getting a commission or "kickback" from the lender. Increasing the likelihood of the deal closing is motivation enough. And certainly feel free to shop around with local lenders. But keep it local, and keep it among the larger, better known companies. And if the numbers are all about the same (which, frankly, they probably will be), seriously consider going with the lender your Realtor recommends.

Hope that helps.
0 votes Thank Flag Link Mon Jul 25, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Hi Missa - Like Gerard said below, it's better to use local lenders. Online lenders can lure you in with "lower" rates, but most of the time they end up actually costing the buyer more. It's also very nice to actually be able to ask questions & be able to meet with a local lender. With them you are not just a number! Ask your agent for some recommendations & meet with a few before deciding who to use.
best of luck!
0 votes Thank Flag Link Mon Jul 25, 2011
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