- Getting Your Mortgage Loan from the Internet May Cost You.
It could be a costly mistake if you get a loan online from a mortgagre company in different parts of the country. There are different rules and guidelines for different states, cities, and even counties. It can be risky to obtain a mortgage loan from a company across the country if they are not familiar with the rules that govern the area where the property is located.
Typically local companies will be more concerned about their reputation and doing a good job for the customer. I operate from referrals so it is very important that I meet my customer's expectations. Getting a loan online can also take longer because they will not have service companies (title companies, appraisers and others) to do the job in a timely manner.
Mortgage loans are complex and may not make sense to purchase online. This is especially true if the borrower is looking for maximum service and care.
Another simple fact, most Internet sites are not run by mortgage brokers or lenders. They are run by “Lead Companies”
As an example, there is one well known Internet lead company. I bet you know who they are. You've seen the commercial a dozen loan officers all dressed alike lined up the stairs, all waiting to court the arrogant young couple for their loan. Well, this company is not a mortgage lender or broker, they are information brokers. They are in the business of selling information to “up to four lenders”
You see what happens is that mortgage companies around the country pay a fee to the Internet company for the right to see your information. The mortgage company reviews your information, and then decides if they want your business. If they do the mortgage company will respond to your request and send you a quote.
Keep in mind three things:
- Your personal financial information, credit information and Social Security number are floating around on the Internet, being sent to several companies for anyone in their offices to see.
- Whatever rate quote you get is only going to be as good as the information you input on the computer screen. The lenders “approval” is subject to review of all of your information.
- You receive no personal attention. No warm body to help you, just a cold click of a mouse.
Dealing with a reputable broker or lender right here in town, gives you local accountability, and frankly, there is very little or nothing a company in Denver, Los Angeles, and Las Vegas can do that a local company can't.
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Email Louis Vela at LVELA@PMFMTG.COM or call Louis Vela at (708) 243 - 1915