Mortgage through online lenders (Roma, Wells: refinance, loans, home)

[sk1980]

Hi All,
I downloaded Zillow mortgage app on my cellphone. Using this app I entered my information like income/home price/ down payment etc., and I got few offers from lenders such as Sebonic Financials/ Cardinal Financial Company etc. Are these good and reliable lenders? Does anyone have any experience working with them? They have very competitive rates and fees. Please suggest, should we always go with local lenders like NUHOME Group LLC? Or shopping with remote lenders using sites like Zillow is ok?

[predatorprey]

Better to deal with someone local who knows the local laws.

[Ansonyuhas]

And go with someone recommended. Nothing worst than working with a lender who can deliver their loans by the deadlines you need. Especially for a purchase.

[lhafer]

Go with a small local recommended lender. They actually care about their clients amd will likely go to your closing! Online lenders don't give a crap about you. Almost had a deal fall through yesterday at the closing table due to the online lender my client used. Also big bank lenders don't give a crap about you either. Chase, BoA, Wells Fargo....they don't care how long you've been a customer. Your mortgage loan is just a number to them. There are great local mortgage lenders who actually care that you get into your home without a hassle.

[wheretogo]

I did 1 purchase and 2 refinances mortgage in last 5 years and always used reputable online lenders. No issues whatsoever. You should know the basics and know the market. The Mortgage Professor is a great start to learn the process. If you need too much hand holding, go with a local guy but be prepared to to absorb the extra cost.

[diggity101]

If you need too much hand holding, go with a local guy but be prepared to to absorb the extra cost.

if you consider "hand holding" to be things like "answering the phone" and "closing on time", I would agree with you.

[cheryjohns]

Local lenders are better. Out-of-state lenders don't play well with Texas title companies and regulations. Never dealt with one yet where there was not a big problem.

lhafer is right - stay away from the big banks.

[Houston321]

Agree, go local. And when I say local...not your local branch of Bank of America, Wells Fargo..etc. Closings with them are a nightmare. They have processing in one state, closing dept. in another state, loan officer here, and none of them have authority or the ability to push the other.

Communication is key. Find a lender that will actually answer your emails or return a call in a timely manner.

Now that I think of it, this is becoming a lost trait in many industries.

[sk1980]

Thank you very much all. I appreciate all the inputs.

[DSL_PWR]

Be careful if your agent or builder is pushing hard to use a specific lender...