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gsvar2004
LSU Fan
Member since Nov 2007
3702 posts

Anyone used "online" mortgage lenders?
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.


AndyJ
Member since Jul 2008
1382 posts

re: Anyone used "online" mortgage lenders?
Only to refinance and it was extremely easy, and I got a great rate. Doubt that translates to a new home mortgage.


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WavinWilly
Chicago Cubs Fan
Wavin Away in Sharlo
Member since Oct 2010
8304 posts
 Online 

re: Anyone used "online" mortgage lenders?
Curious as well. I will probably give rocket mortgage a look next time around.


gsvar2004
LSU Fan
Member since Nov 2007
3702 posts

re: Anyone used "online" mortgage lenders?
the "best" rates on lending tree was consumer direct, rocket mortgage was about 4.5% while consumer direct was offering 3.99% on 30 year fixed


tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
3639 posts

re: Anyone used "online" mortgage lenders?
I used quicken loans for a refinance and I loved how easy it was.


baldona
Auburn Fan
Florida
Member since Feb 2016
6962 posts
 Online 

re: Anyone used "online" mortgage lenders?
Go with the best interest rates and best APR, nothing else. Unless you go with a large regional bank that is local, there's a great chance that your home town bank is going to sell your mortgage after 2-3 months anyway. So all you did was use them for the closing.

I used wells fargo for a refinance on a rental property and it was easy, they have a good system (not great) to just upload and review everything.


bobaftt1212
Virginia Tech Fan
Hills of TN
Member since Mar 2013
1228 posts

re: Anyone used "online" mortgage lenders?
I would check their closing costs and rates. I periodically check our mortgage guys rates/fees against the other options and he always seems to beat them.


baldona
Auburn Fan
Florida
Member since Feb 2016
6962 posts
 Online 

re: Anyone used "online" mortgage lenders?
quote:

I would check their closing costs and rates. I periodically check our mortgage guys rates/fees against the other options and he always seems to beat them.


That's the APR. Interest rate is straight interest rate obvously, the APR which is listed online often times is the interest rate plus closing costs. On a short term loan, its very possible to be better off with a higher interest rate but a lower APR as the closing costs are more expensive for the lower rate.


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Tiger Prawn
LSU Fan
Member since Dec 2016
8971 posts
 Online 

re: Anyone used "online" mortgage lenders?
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.


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11
Will Cover
Atlanta Braves Fan
Savannah, GA
Member since Mar 2007
34015 posts
 Online 

re: Anyone used "online" mortgage lenders?
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.


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fatboydave
LSU Fan
Fat boy land
Member since Aug 2004
11555 posts

re: Anyone used "online" mortgage lenders?
Used PenFed without any problems.


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GenesChin
Army Fan
The Promise Land
Member since Feb 2012
33395 posts

re: Anyone used "online" mortgage lenders?
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 at 5:10 pm


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GoldenD
LSU Fan
Houston
Member since Jan 2015
770 posts

re: Anyone used "online" mortgage lenders?
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.


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player711
LSU Fan
Member since Jun 2006
272 posts

re: Anyone used "online" mortgage lenders?
Try replace your mortgage.com
Much better than a mortgage


LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
6603 posts

re: Anyone used "online" mortgage lenders?
My experience with online lenders hasn't been that great as far as turn around time and the way they deal with issues. I suggest getting a quote online but find a local lender to match it.


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