Beware...Internet Loans!

By
Real Estate Broker/Owner with WHISPERING PINES REALTY 20398180

There are some great lenders right in your back yard.

Why do you want to use a company that when you call you can't get to anyone you know.

I had 2 deals that were delayed because of the loan company.

These delays cost my buyers thousands of dollars.

 

Do your self a favor and work with a local lender!!!!!!

 

 

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Rainmaker
1,214,625
Bob "RealMan" Timm
Alliance Real Estate - Minot - Minot, ND
Bob Timm, Broker Associate, Alliance Real Estate

I prefer working with a local lender as well William Feela but I have seen some amazing rates from some of those internet lenders.

Jan 01, 2017 06:54 PM #1
Rainmaker
3,235,034
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

William

Your post is right on point . . . . be very careful of internet loans.

Good luck and success.

Lou Ludwig

Jan 01, 2017 07:25 PM #2
Ambassador
1,764,183
Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
Get Results Team...Just Call (408) 252-8900! - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

While I've had one client had an Internet loan work out, it's still scary.

Jan 01, 2017 10:46 PM #3
Rainmaker
2,435,930
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning William.  Around here the vast majority of people use a local  mortgage lender. 

Jan 02, 2017 03:57 AM #4
Rainmaker
3,001,865
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning William. So many like the idea of saving and think they know better. No free lunch. Great photo.

Jan 02, 2017 05:54 AM #5
Rainmaker
1,036,443
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Not only are they hard to get a hold of, we too often find out that they can't do the loan...but you don't find that out until you are well in to the process.

Jan 02, 2017 07:04 AM #6
Ambassador
1,547,606
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

I have mixed emotions about this. I know some that have been very easy and smooth....others...yuck. I think if the buyer is an "easy" approval, it's fine, but otherwise work with someone you can talk with. 

Jan 02, 2017 09:24 AM #7
Rainmaker
568,944
Vern Eaton
Askov, MN
Realtor 651-674-7449

If the loan process has any hitch at the last minute, it is a good chance it will not close with an internet lender, at leasst not that day

Jan 02, 2017 12:13 PM #8
Rainmaker
4,602,361
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

I prefer to work with trusted local mortgage loan officers who have a record of success.

Jan 02, 2017 05:48 PM #9
Ambassador
3,664,227
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I love working with trusted local lenders. It just makes the whole process go smoother.

Jan 02, 2017 07:39 PM #10
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Internet lenders are the scourge of the earth, if you ask me, Bill. Fortunately have only had to work with them a handful of times, but it was a hassle each time.

Jan 03, 2017 08:40 AM #11
Rainmaker
1,485,124
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

I always recommend using a local lender to my buyers.  It is not worth the risk using an online lender.

Jan 04, 2017 11:59 AM #12
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Rainmaker
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William Feela

Realtor, Whispering Pines Realty 651-674-5999 No.
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