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 use The
mTeam Group 1st Advantage, a Draper & Kramer Company (Larry Palmer
847.239.7820, Dave Holan 877.334.6526, Tammy Maranto 630. 291.1476 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.