Hi all: I hope you're enjoying your day!
I was just thinking about the allure of having everything done online, especially if you're looking for a mortgage. Let's face it. We're all busy. Our intent to do things is multiplied by how simple and problem-free it is to get them done. I get that. I'm built the same way.
I just received a call from a borrower who mentioned Quicken loans as a contact point for them initially. I can't say I know much about Quicken except for the fact they are online. Most people would think this should be easier (after all people order stuff from Amazon all the time).
But in my view it is a serious mistake to consider an online mortgage lender. Would you rather do it online or IRL (in real life)? Let's start with the fact that an online lender probably isn't local. That can mean a whole bunch of things such as appraisal issues, time to close issues (some of the big banks are taking at least 90 days to get your loan closed), etc., etc.
These days loans are getting done all the time. But it's not easy. The amount of paperwork asked of you continues to grow and I think it heeds you well to go with the local professional. The old saying "you get what you pay for" definitely holds true when looking for mortgages. It may be enticing to consider that low rate and fee loan online. But is it worth the hassle if they don't know what they're doing (often the case) or change the rules due to your different credit score, value of your home, etc., etc?
I would argue that you choose wisely and ask for referrals from your friends, etc. when considering a mortgage loan officer. And if you have the opportunity to meet them IRL (in real life) do it. A mortgage is a big deal to you so you should take the time to get it right. Again, would you rather do it online or IRL? Thanks for reading. Have a great day!
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