Financing in Teaneck>Question Details

Wmbsys, Home Buyer in Fairfield County, CT

What's better to refinance through online mortgage vs. regular banks

Asked by Wmbsys, Fairfield County, CT Mon Jun 11, 2012

From closing cost and long- term prospective, is is better to go through regular bank or online mortgage providers

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The mortgage experience can be excellent with either option. It really boils down to the individual loan officer and the quality of the loan application the loan officer builds on your behalf. You typically will work closely with that loan officer, so interview several as if you are hiring them, because, in a real sense, you are hiring them!!

Best wish for a very smooth transaction. Obviously, I would be happy to help!

Regards, Jim
0 votes Thank Flag Link Mon Jun 11, 2012
One of the biggest complaints I hear from clients that are seeking a refinance is the length of time it takes to close. I've heard as long as 4 months. You might want to ask the question with any prospective bank or online mortgage provider how long will it take to refinance with their institution. It appears the reason for the longer length of time is due to short staffing.

Good luck to you!
0 votes Thank Flag Link Mon Jun 11, 2012
A loan officer that you can sit across the desk from and look at each other eye-to-eye.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Jun 11, 2012
I am also a Teaneck resident, and can tell you that you have a number of good local options right here. There are several savings banks that offer very competitive rates and reasonable closing costs, such as Valley National, Bogota Savings and Hudson City Savings Bank. You can check out online mortgage providers and well as other mortgage companies such as Coldwell Banker Home Mortgage (201-213-1511), but just be careful to compare closing costs as well as rates.
0 votes Thank Flag Link Mon Jun 11, 2012
My experience with online lenders is not a good one. No accountability at all and they can just drop the ball at anytime and move to the next sucker, I mean buyer. I like someone I can look at when I want to. Online lenders make their rates sound really good, but dig for the bottom line and they become not as good and they seem somewhat deceptive to me. I sold a house to a couple who's son use to work for an online mortgage company. The son quit because of the deceptive practices and told his parents to never deal with that company who advertised "to Amaze".
0 votes Thank Flag Link Mon Jun 11, 2012
With more than 2o years of experience as a broker, I have never once seen an online lender do better than a local lender. You want someone you can speak with easily and who wants your referral business. Rates are so hyper competitive it's hard for anyone to be out of line. Support your local business.
0 votes Thank Flag Link Mon Jun 11, 2012
From experience purposes I would lean towards somebody you can find locally to be accountable. If the online quote is much less money please look into the Fair Truth & Lending statement for the "extra fees" that can be associated with lenders.
0 votes Thank Flag Link Mon Jun 11, 2012
Keep a close eye on the Interest rate and the APR.
The higher the APR, the higher you will actually end up paying.
You will find most on line lenders have a higher APR.

The costs of refinancing can be as high as s new purchase.
Seek out a back that will not insist on all new title work
Some even want a new survey.

Local banks can be great.
They know your town.
And there is someonne to actually go in and talk to.
You will not be on the phone with someone from NC

Local mortgage Brokers can also serve you well.
Ask friend about their experiences.
Ask a local Realtor. Their reputation rides on making good recommendations.

Good luck.
0 votes Thank Flag Link Mon Jun 11, 2012
Could be either....An option to consider is applying for both and compare Good Faith Estimates for the better deal.
0 votes Thank Flag Link Mon Jun 11, 2012
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