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Now that I have received my offer letter for a wonderful job in Richmond, VA I went straight to Zillow for reviews on lenders. There were 2 lenders with exceptional 5 star reviews:
Lender 1- Wrote me back with 7 minutes of my initial email and told me he was available on weekends to meet since I'm currently in NYC. He was very patient and told me no rush since this was a huge decision. He said there were plenty of options but with my credit score I could easily get approved for the Fannie Mae loan which only requires 3% down, NO PMI and a really low interest rate of less than 3.5%.
Lender 2- Wrote me back the next day (which isn't that bad) and told me he was unavailable on weekends. He was very pushy and kept telling me to hurry up and get my paperwork in so we can get the ball rolling. Told me to go with the Conventional loan- 5% minimum down, PMI, etc..
Even though both lenders had great reviews on Zillow, I went with the obvious choice: Lender 1. He related to me, talking about how he was from the Connecticut area and is well aware of the 'hustle and bustle' up here and how much he loves it in Richmond. He also introduced me to a wonderful Realtor who I already feel comfortable with. Now, next up: Getting the pre-approval
My question is this: Has anyone on here ever applied for a mortgage via online? He has this secure (HTTPS) form that I can submit so we can move forward but I was a little apprehensive. Who here has done that? I'm a nervous wreck as it is, I was thinking I should probably go in person to do this (and since he is available weekends that is always an option).
I think what I'm most nervous about is the fact that the pre-approval is a QUICK process and I can find out in a matter of minutes/hours.
You'll find very good advice from the mortgage lenders on this forum although one has fallen off the face of this earth. Working with a secure website shouldn't scare you. Working with knowledgable people is what you should be concerned with. Some online shops don't have experience people on the other end of the phone line, so borrowers come to this forum to figure out what is going on. Yes pre-approval can be done quickly.
BTW Lender 2 scares me.
Last edited by thelopez2; 01-08-2015 at 09:06 AM..
I haven't had a client do a paper application in several years. The online application has been around for many years and that's basically the standard these days. You shouldn't worry about anything.
Online is fine, and it sounds like you are with someone good. But as a word of caution, I get an email at least daily from people I know on Linked In and colleagues around the country, asking me to rate them for the ranking. Never let that be the sole reason for your selection.
Good advice- SmartMoney! I use ratings as my way of figuring out where to start. Once I emailed him and he wrote me back within 10 minutes, I knew that this was someone who was serious about working with me from the get go. I can now start to see where all the good reviews are coming from.
Thanks again and I still have some follow ups that I need to submit- ugh this application process is surely a gruesome one!
Thanks Tim. I am. The bank is very reputable in the VA Beach, Norfolk, Richmond area and they seem to have the reviews to back it.
I've already applied at this point. I just have to pass a VHDA certificate and then I should hear back next week I'm guessing? I hope soon, because I am getting very anxious. I know it's just the pre approval so it doesn't really guarantee me anything, but I would still feel better if I have a ball park range of where I can start looking.
Check out reviews for the bank or lender on Google or Yelp - not just Zillow. I'm not sure whether it's astroturfing or not, but there are some Internet lenders out there who are very disorganized - I made the mistake of going with a 'five star' Zillow lender for a rental property we purchased in 2013 and while the rate was great, they were horrible about communication and even delayed closing because they couldn't get the paperwork together with four weeks' lead time.
Some Internet lenders operate on volume and you'll get great numbers but have a horrible time. Check out more than one source of reviews.
Thanks for all advice everyone! I received my Pre-Approval letter today and couldn't be any more excited!! This bank only operates in the Richmond and VA Beach so they aren't exactly your mortgage breeding center or what have you lol
I really felt like I could trust this lender, not based on one source of reviews, but by his communication with me. Writing me back in 7 minutes. Good luck having Wells Fargo member get back to you that quickly! lol It was a really great experience, but I know that it is not over yet and the only thing REALLY official is closing and until then it's up in the air. I just feel that this is one step closer to my dream of being a home owner and excited to see where it goes!
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