My Thoughts on Online Lenders
Heritage Home Loans
Heritage Home Loans Spokane, WA
Published on April 20, 2018
Home Buying Tips, Home Loans, Mortgage. Real Estate, Spokane, VA Loans

My Thoughts on Online Lenders

Local vs Online Lenders, Who should you use when buying a home?

In this episode of “Thoughts on Home Buying,” I discuss some of the reason why you should avoid using the online lenders for your home loan needs. There are definite benefits to using a lender who lives in the same city or state as you do.

A Quick Approval isn’t always accurate.

They say your loan would be approved in 8 minutes. While that would be amazing, it would be challenging to have an accurate approval amount without digging a little deeper into your income, assets, and credit. Other lenders and I have been able to approve clients for a higher amount by going a little deeper into the process with our clients.

I have also had several clients get denied for financing by online lenders, that were able to get approve and purchase a home with our office. When you are told no it is always worth seeking a second opinion.

The Technology they use is in Place With Most Lenders.

The majority of lenders have a similar application platform in place or will be putting one in place soon. It is a much-needed trend in the industry.

Check The Fees for Those Rates.

I have seen several estimates in which the low rate advertised on their websites came with enormous fees to lock in. If you are using an online lender be sure to ask questions about what the cost is for the rate they are offering. Often times, they won’t explain it until it is too late.

 

 

 

Heritage Home Loans
Heritage Home Loans Spokane, WA
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