How safe are internet mortgage lenders?
I am located in Hawaii. Looking for 30-yr fixed rate mortgage. Seems Internet Mortgage Lenders (IML) offer better interest rates than local lenders. I am concerned about long term viability and stability of IMLs. Concerned about responsiveness and lack of local representative. Are IMLs able to consistently close loans at specified rates? Anyone have personal experience with them? What do realtors think of online lenders? Specific lenders of interest include: The Money Store, AimLoan, Home Finance of America
I’m going to have to disagree with the choir of local mortgage brokers chiming in here. Let me try to answer your questions
- Shop for the best rate, certainly an online lender may be able to give you a slightly better price as their salespeople may not be motivated directly by the rate they charge. Local mortgage brokers always earn more money if they are able to charge you a higher rate.
- Use a reputable company, do you research. Quicken Loans, HFA, The Money Store are all relatively reputable. All major brands such as Countrywide, American Home Mortgage, Washington Mutual, also offer mortgages “online” via a centralized lending center.
- Unless it is important to you to feel comfortable looking at your mortgage processors, you don’t need a local representative from the mortgage company. The mortgage company will find you a reputable local real estate appraiser and closing agent.
- Certainly. IMLs can close loans at specified rates, in fact due to the lack of in person relationship, their practices tend to be under much higher scrutiny than the glad-handing local mortgage broker who will take you out for a beer after signing the papers.
- Thankfully, no problems in my experiences, I have done everything online since early 2000s.
Hope this helps. In general, any company can do a bad job or act dishonestly with a consumer. Online or offline. Work with a reputable company. Do your homework but don’t be blinded by the simple fact that a company may be local.
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