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Financing: Applying for a Mortgage: Online vs. In-person. What are the benefits or drawbacks? I – m going – full doc – loan. Trulia Voices #defaulted #student #loans


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Applying for a Mortgage: Online vs. in-person. What are the benefits or drawbacks? I m going full doc loan.

Asked by Oem Programmer. New Jersey Fri Apr 22, 2011

Answers

BEST ANSWER

OEM,

You have received some good answers here, but I wanted to expand on it a little.

If you are talking about the SAME lender online vs in person, there is no difference.

Beware of some online lenders – Make sure you get a full list of their costs. When going with internet-only lenders, you can often get a good rate at the expense of a LOT more up front hidden costs. If closing costs are an issue for you, be very aware of this. Plus, if you have to get a hold of someone? It is a game of phone tag. I m sorry, I didn t get your message/email/fax/ what ever of the important document we have been waiting on.

Beware of Big Banks – Although I have heard that they are improving, there are horror stories of delayed closings, last minute document requests, and delays in funding. They often don t have the best interest rate anyway, as they can only provide their own rates.

Local lenders are usually the best. They don t have the huge overheads that big banks do, but they are local and you can deal with someone in person. Another thing that I look for is someone that has their underwriter IN HOUSE. I dealt with a lender one time who s underwriter made a rediculous request. Then, no one could get ahold of the underwriter even though the loan was supposed to close that Friday. The contract ended up falling through because of it.

To Summarize:

LOCAL private lender – Not a big bank.

Underwriter IN HOUSE.

Get a list of all fees up front. If they won t give them to you, then they have something to hide.

Best of luck with your home purchase!

It s more than real estate. It s RAYL-Estate!

Brian Rayl, REALTOR®, e-PRO, SFR

Keller Williams Elite Park Cities


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