Please excuse our directness, but we recommend that you don’t do it, particularly if your mortgage is for the purchase of a home! Here are some reasons why seeking for a loan from an Internet-based company may not be a wise choice:

1. Our buyer clients’ experience has been that what is promised isn’t necessarily what is delivered. The old adage, “If it sounds too good to be true, it probably is.” is very applicable here.

2. With an Internet lender, if the terms of the loan are not the same as promised, or if the documents or money don’t arrive for the closing, or if they are completed incorrectly, there are few alternatives.  It’s usually difficult to reach someone who can solve the problem, and time is critical (You’re at the closing table!)

3. With Internet lenders, there is less accountability.  Any lenders that your Realtor recommends (particularly local lenders), have to do a good job, or they know we won’t recommend them in the future. And they are usually very accommodating if a problem occurs. Internet lenders play more of a numbers game and don’t have the human resources to make sure every borrower is satisfied.

4. Many internet lenders wait until all documents are signed at the closing table before “cutting” and wiring checks, a procedure that often means a two- or three-hour closing.  We strongly urge you to work with CENTURY 21 Mortgage or a local lender who will have the funds available at the start of closing (or even the day before!). The closing will then take about an hour or so!

The above undoubtedly sounds like we have a vested interest in the lender you choose.  We actually do, but only from the standpoint that if there is a problem with your financing, it usually shows up at the closing, and it can be very stressful and irritating time for our clients (you!) and everyone else in the closing room.

We consider it our obligation to help you obtain competitive financing from a lender who will treat you well and fund the loan on time, thereby minimizing any aggravation associated with your purchase. And by law, we can’t (and don’t!) receive any direct remuneration as a result of any lender recommendation.