Which Is More Convenient; A Local Mortgage Broker or An Online Lender?
We are so used to online convenience. From paying our taxes, to managing our banking. It’s no surprise home buyers are turning to online lenders. Almost everything today is automated and online so driving to an office can feel unnecessary. But is an online lender really your best option?
Do your research.
When choosing an online lender, it’s important to know who you are dealing with. The online lending business is filled with potential scams, fraud, and illegal business practices. So its important to make sure your online lender is reputable. Online lenders advertise extremely low rates. So, while you may think you are getting a great deal, if you don’t read all the fine print on those “click” and “go” forms, you might end up with a high interest rate and a loan that doesn’t suit you.
Local Mortgage Brokers
Using a local mortgage broker eliminates many of the risk of fraud while alleviating much of your stress as a buyer. Because you meet with your broker and their team, there is no question about who is handling your loan and personal information. Local lenders want your business. Notorious for exceptional customer service, they don’t just get you a loan, they get you the best loan!
They Shop For You.
Brokers have access to a variety of lenders and shop the market to find you the right loan. Throughout the process, they make sure that your paper work is done on time while keeping you well informed. Unlike an online lender, good mortgage brokers work to keep your interest rates low and get you into your new home on time.
I Can’t Get A Hold of My LENDER!
Communication is key during your application process. And it’s important to be able to get a hold of your lender once you’re in escrow. Unfortunately, online lenders are not easy to reach. Contacting your online lender can be frustrating and stressful. Most sites only have a 1-800 number rather than a direct line to your lender. Local mortgage brokers on the other hand are easy to reach, and many are available on weekends by phone.
Real Convenience is Help.
When it comes down to it, going to a local mortgage broker is more convenient than an online lender. Having someone there answering your questions, walking you through each step of the loan process, and making sure you’re well informed removes a lot of stress. Buying a home is for many their biggest life investment. So why not have peace of mind and trust someone who’s there for you?