E-loan or Bankrate...opinions?! (documents, agent, commission, mortgage)

[austin_c0wboy]

Any opinions on this? I'm looking to get into a home (Avery area) in a couple of months and was wondering if anyone has any input on shopping for mortgages from these "bank rate search" companies?

[mrsengle]

I don't know much about Internet lenders, but I haven't heard good things. Post this question in 'Real Estate Professionals' or 'Business and Finance' and see if someone can answer your question. Otherwise, ask your real estate agent - I'm sure they would have some advice in that regard. Good luck!

[Austin97]

Originally Posted by austin_c0wboy

Any opinions on this? I'm looking to get into a home (Avery area) in a couple of months and was wondering if anyone has any input on shopping for mortgages from these "bank rate search" companies?

I used one that I found on bankrate and it worked out just fine. The advertiser was just a local mortgage broker and the lender ended up being just a typical national lender.

On another house I used a different mortgage broker and I showed the rate from bankrate.com and they found a product that matched the terms.

I have gotten mortgages on 4 properties and a refinance on one of them.

[AustinTraveler]

Note from Moderator: This thread was moved from the Austin, Texas, forum.

[vseale]

Be sure to read the fine print. I thought about going that route until I noticed in the fine print on the lender's website that a huge commission would be rolled into the mortgage.

[TimtheGuy]

Forget the online mortgage and go find a trustworthy, reputable local loan officer that you can meet face to face. Don't know any...ask around. Don't understand mortgage documents/mortgage lingo...go with/review the material with someone who does.

If it sounds too good to be true or better than everyone else is offering...RUN.

Whatever quote you get (rate & costs) try to negotiate the costs a little bit. There is usually a little bit of "cushion" in there.