What do you think about online lenders?

Asked by Ray And Karen Levy, Mount Dora, FL Tue Feb 1, 2011

Thinking about using an online lender for my new home.

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4
Ray And Karen…, Agent, Mount Dora, FL
Tue Feb 1, 2011
BEST ANSWER
Hi Buyer!

You want to have at least three lending sources one of them being a local bank, credit union or mortgage broker.

Have them look at your approval from an online lender to see if it is complete and will actually close.

Ray Levy
Coldwell Banker Camelot Realty
Mount Dora, FL 32757
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Tue Feb 1, 2011
Why would you do that, when you can find someone local who will know the area, and give you as good a rate as anyone you will end up with on line. Some of the on-line lenders are notorious for quoting one thing to get the deal, then giving you something else once you have gotten too far. There have been all sorts of bait and switch lawsuits about rates posted online. Ask a friend, family member or co-worker who recently bought a home for a recommendation. Chances are if they are happy, you will be too. I know that most of the good loan officers in my company have built their business that way. People are very happy to tell you about "their mortgage guy", if they had a good experience.
1 vote
Alma Kee, Agent, Tampa, FL
Wed Feb 2, 2011
Depends on the lender.... If you're getting a conventional mortgage (not FHA with only 3.5% down) I can recommend: http://www.AimLoan.com Also http://www.Amerisave.com may be a good choice.

Many online lenders offer lower rates and lower lender related fees. Also you will have online access to your closing documents and many seem to be very organized with getting any required documents well in advance of closing. Unfortunately I can't say that about many mortgage brokers who do not actually lend money.

Here's a very informative website to help you learn the "ins and outs" of mortgages:

http://www.MtgProfessor.com

Hope this helps.

Alma
0 votes
Jonas, , Houston, TX
Tue Feb 1, 2011
Hi Buyer!

This is a great question! With the popularity of sources like Lending Tree and such they are certainly becoming more viable. I think it will come down to your comfort level about doing things online. I myself like to sit in front of a live human when I am purchasing something as big as a home. Others, are quite comfortable faxing and emailing documents. If you are working with a reputable company I don't see how it can be so bad....but there enlies the question. How do you know WHO you are dealing with?

My vote......In person.

Best of luck!


Jonas Mancuso
Remax / Lakeland
http://www.talktohouston.com
0 votes
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