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Old 09-23-2013, 10:40 AM
 
501 posts, read 275,636 times
Reputation: 139

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So I'm thinking about getting my first home soon, and there's a lot of lending companies online that I've never heard of on bankrate.com and lendingtree.com

Companies such as "Sebonic Financial" and "Roundpoint". They have really low APR rates

Are these companies trustworthy? On Zillow.com's mortgage webpage, there are thousands of positive reviews for Roundpoint, but nearly every review seems to be written by the company itself. It seems that way because the grammar and style of each review is very similar to all the others, and is overall just way above what I'd expect an average real customer to be posting.

Anyone have experience getting a home loan from one of these online lenders? Any recommendations? Thanks
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Old 09-23-2013, 10:43 AM
 
Location: Westbury
535 posts, read 870,510 times
Reputation: 448
I would go with a local guy. Many of the online lenders are great, but just as many are awful. It's nice to have a local contact with some skin in the game in case something goes wrong.

We have a few that we work with that are very competitive and are very service oriented if you are interested.
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Old 09-23-2013, 10:53 AM
 
Location: The Greater Houston Metro Area
8,950 posts, read 14,083,351 times
Reputation: 14762
Online lenders don't usually play well with Texas title companies. Doesn't sound like much of a problem to you - until it blows up at the end and you have to scramble to find another lender. It's better to skip that phase and just go with a Texas lender. A lot of listing agents advise their seller clients to avoid a buyer with a pre-approval from an online lender (they have experienced the blow-ups) - not exactly the position you want to be in, in a competitive market.

Sebonic is spread out - the loan office may be on one coast - and the processor on the other coast - and no one apparently talks to each other. Fun for everybody!
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Old 09-23-2013, 11:34 AM
 
Location: Houston
152 posts, read 323,071 times
Reputation: 169
I think most of the previous posters may be right. However, there are exceptions. I actually had a good experience closing my loan with Box Home Loans recently. The catch with them is you have to have a high credit score--I don't think they even service anyone with a score below something like 720.

You do have to be responsive, as everything is done online and if you delay in getting something to them, it delays the whole process. But they were great about checking in with us frequently and keeping the process transparent. We closed on schedule with no major glitches.

That said, I do agree that there is a lot of value in using a lender with a local presence who really understands the TX market, laws, etc.
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Old 09-23-2013, 11:46 AM
 
4 posts, read 25,028 times
Reputation: 10
agree with everything longhorn said, went through the process a couple of months ago, went through bankrate also, you have to have a good score and be responsive
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Old 09-23-2013, 12:50 PM
 
Location: Texas
1,029 posts, read 1,154,809 times
Reputation: 1982
I live in Texas and used Gold Star Financial, a mostly online brokerage based in Michigan. They were very good and we closed on time. The rates were competitive, the fees were low, and the employees were knowledgeable and responsive.
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Old 09-23-2013, 01:36 PM
 
Location: Westbury
535 posts, read 870,510 times
Reputation: 448
that's a good point Chery.

We have had on-line shops outside of Texas call and say: "Our office doesn't have Stewart Title on their list of approved closing offices". I couldn't believe it. It delayed the closing a couple days just to get them to waive that silly guideline.
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Old 09-23-2013, 08:42 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
If you were refinancing, I would say go for it and good luck. But when buying a home, you want the listing agent to recommend to the seller to pick your contract. However, if your mortgage broker is ACME Mortgage, somewhere on the www, your loan officer may as well be the Road Runner. Not having a lender that makes everyone feel comfortable could be the defining difference on why your offer was not taken over the other contract. Take it from someone that hears routinely that my buyer's offer was accepted over the others, because the agents knew me.
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Old 09-23-2013, 09:18 PM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Quote:
Originally Posted by shihku7 View Post
So I'm thinking about getting my first home soon, and there's a lot of lending companies online that I've never heard of on bankrate.com and lendingtree.com

Companies such as "Sebonic Financial" and "Roundpoint". They have really low APR rates

Are these companies trustworthy? On Zillow.com's mortgage webpage, there are thousands of positive reviews for Roundpoint, but nearly every review seems to be written by the company itself. It seems that way because the grammar and style of each review is very similar to all the others, and is overall just way above what I'd expect an average real customer to be posting.

Anyone have experience getting a home loan from one of these online lenders? Any recommendations? Thanks
Using Lending Tree or Bankrate ads to attempt to find a good bank is literally the stupidest thing you could ever, ever do.

Unless your goal is to receive calls and emails from what seems like 20-30 different people spouting empty promises, until you either give up completely, or give in to one of them out of fatigue, only to find out that the person and company you work with lack experience, skill, knowledge, and COULD NOT CARE LESS ABOUT YOU BECAUSE YOU ARE A NUMBER.

You're a number to them. 3-5% flow-through. If they are lucky. You're a name in a stack of paper and they couldn't give a damn if you are happy at all. They are not looking for referral business from you, they buy leads for that.

And saying "they have really low APR rates" - - you just rang a bell saying bend me over because I know nothing.

Walk into a bank, shake someone's hand, and talk with them. You know nothing about the process. Learn.

Last edited by Pfhtex; 09-23-2013 at 09:45 PM..
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Old 10-02-2013, 01:00 AM
 
123 posts, read 140,729 times
Reputation: 51
their low rates are tempting. they have an office here and i will visit them. its better you have a person to person contact
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