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Anyone used "online" mortgage lenders?
Posted on 3/21/17 at 12:27 pm
Posted on 3/21/17 at 12:27 pm
Such as the ones on lending tree? About to buy our 3rd home, and only ever used local banks, but someone told me that you can get better deals with some out of town lenders. Tia.
8
Posted on 3/21/17 at 12:34 pm to gsvar2004
Only to refinance and it was extremely easy, and I got a great rate. Doubt that translates to a new home mortgage.
Posted on 3/21/17 at 12:35 pm to gsvar2004
Curious as well. I will probably give rocket mortgage a look next time around.
Posted on 3/21/17 at 4:28 pm to gsvar2004
FWIW, I write homeowners insurance and most of the new policies I write are for new purchases. Out of all the closings I've seen that have problems with delays or failing to close, the vast majority involve online or out-of-state lenders. The local lenders seem to have their stuff together majority of them and pay more attention to detail, probably because they're dependent on word of mouth referrals instead of just being found on Google.
Posted on 3/21/17 at 4:33 pm to gsvar2004
quote:
Anyone used "online" mortgage lenders?
I searched through Zillow and found New Penn Financial about 5 years ago.
2.875 % rate on 15 year loan.
$995 closing cost.
Simple.
Would do it again.
Posted on 3/21/17 at 4:35 pm to gsvar2004
Used PenFed without any problems.
Posted on 3/21/17 at 5:03 pm to gsvar2004
quote:
. Out of all the closings I've seen that have problems with delays or failing to close, the vast majority involve online or out-of-state lenders.
I've been through a new purchase (1st time) and refinance with an OOS low cost online lender (two different companies). My lenders were always on top of "their end" of the loan and never once missed a deadline.
But
They aren't going to hold your hand/do your work for you like a local lender. If you have "complications" or something non standard, the responsibility to take care of it falls on you. My broker said most people don't file their documents on their given schedule
I had no problem handling my business/complications, but I would never recommend it to my sister who can't tell the difference between a $5 bill and $50
This post was edited on 3/21/17 at 5:10 pm
Posted on 3/21/17 at 6:09 pm to gsvar2004
I went with "Sebonical Financial" from lending tree. They were extremely easy to work with and were always available to answer questions. I put in an offer and closed on the house within 21 days as a first time buyer. The rate was also really good with no points or fees.
Posted on 3/22/17 at 9:49 pm to gsvar2004
Try replace your mortgage.com
Much better than a mortgage
Much better than a mortgage
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