Again today I hear another horror story of the "online mortgage" borrower. Came time for closing at the closing table and the lender wasn't funding. Needless to say while going over the HUD statement, the buyer was being charged nearly 5 points, oh wait not points, "deductions."
Buyers, I can not stress enough to try and steer clear of those advertisements online that state
"rates as low as 1.25% or "bad credit, no problem." Please understand the difference between these advertisements and when a loan officer you have met or spoken with asks you to go onto there website to fill in information. If you have a Real Estate agent confer with them and I am sure they have more than one loan officer that they consider reputable and would be happy to refer you to them.
Please do yourself a favor as a buyer and find a local lender that you can personally meet with and go over your information with. Like I state above, be sure to aks your agent for names of loan officers, being that we work closely and often with them. Generally names that an agent is going to give you are of reputable professionals, otherwise the agent probably wouldn't refer them.
BUT WHATEVER YOU DO, STEER CLEAR OF THE ONLINE MORTGAGE ADVERTISERS.
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