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They also very well known on changing terms in last possible minutes, so their great deal are not so great. My co-worker had to find another lender because online lender changed things around dramatically.
I had no problems at all using an Online Lender. It saved money and was very easy.
Nope. Just me, my agent(probably wasn't necessary but he was my cousin), my lawyer, and the lawyer for the seller. The seller himself wasn't actually even there, he just signed his pieces ahead of time.
All that matters is the signatures. While not common, there's nothing stopping people from doing a closing without ever meeting in person.
Our friends recommended a Wells Fargo mortgage consultant that was based about an hour away from us. We used him when we bought a house three years ago and I still have no idea what he looks like. We did everything over phone, mail and email.
Since 1991, I've purchased four homes, done at least four re-fi's, had several lines of credit. With the exception of one line of credit, I've yet to personally meet ANY of the loan officers.
Admittedly, the first mortgage in 1991 was an assumable, so I just paid off the sellers and took over their note at the closing table (this is not really an option any more). But after that, everything was handled by phone, fax, US mail, scanners and electronic signature. Even when I used a local lender, I never bothered to go downtown to his office. I'm an ex-accountant, and I initially, I had people in my office who helped me understand the paperwork.
I've used online lenders for refi's and purchases. Some are very good at what they do, others not so good. One warning: If you don't know the process, get someone to hold your hand. I would definitely NOT do an online mortgage unless you know what you are doing (and OP is clearly a newbie.)
Save thousands???? Nope. Save hundreds? Maybe - but more importantly to me, it was just easier and took less of MY time. If you don't know what you are doing, the mistakes YOU make could cost you thousands, so don't be a hard head - get somebody to help you (preferably a mortgage broker you trust).
For refi's, the online lenders sent a notary to my office or home. For purchases, they sent the docs to the closing company.
All I know is I applied on LendingTree for a second small home for my mother in law that I definitely could afford (as I successfully bought it through my local CU). I wasnt approved for any through LendingTree but now get TONS of spam mail to my house and email.....hmm.....
All I know is I applied on LendingTree for a second small home for my mother in law that I definitely could afford (as I successfully bought it through my local CU). I wasnt approved for any through LendingTree but now get TONS of spam mail to my house and email.....hmm.....
Lending tree is a slightly different animal. Going there is like putting a post on craigslist. The site doesn't actually do anything relating to the process, they just help you get in touch with people who do.
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