Mortgage broker vs. Online lender

[Anonymous]

Who can give a better rate? Service?

[Anonymous]

Online lenders rates are a lot better. They are slower though.

Service is about the same. They'll both jerk you around and drag out the mortgage process.

[Anonymous]

Anonymous wrote:Online lenders rates are a lot better. They are slower though.

Service is about the same. They'll both jerk you around and drag out the mortgage process.

IME Amerisave is the fastest process around-- if you fill out the application they will have an appraiser out and ask for all of your supporting docs to be submitted within 1-2 days, and you can close pretty quickly. I have also heard of things getting dragged out with them if your situation isn't straightforward (for income, ratios, etc.)

[Anonymous]

Anonymous wrote:Who can give a better rate? Service?

New purchase or refi?

[Anonymous]

New purchase - broker with recommendation. Refi - online is fine

[Anonymous]

Anonymous wrote:

Anonymous wrote:Who can give a better rate? Service?

New purchase or refi?

new purchase (but not first-time)

[Anonymous]

If you are buying in a hot market and competing against other offers, a preapproval letter from an online lender will definitely get the side-eye from the listing agent and the sellers. Local banks and mortgage brokers who know the local market and have a good reputation for speed, responsiveness and customer service are important in that situation. You can't submit an offer with someone from LendingTree and expect it to be weighed equally to another with a letter from a local actual person.

[Anonymous]

Anonymous wrote:If you are buying in a hot market and competing against other offers, a preapproval letter from an online lender will definitely get the side-eye from the listing agent and the sellers. Local banks and mortgage brokers who know the local market and have a good reputation for speed, responsiveness and customer service are important in that situation. You can't submit an offer with someone from LendingTree and expect it to be weighed equally to another with a letter from a local actual person.

This is true. You can, however, shop your actual mortgage around (and end up using an online lender) once your offer has been accepted.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you are buying in a hot market and competing against other offers, a preapproval letter from an online lender will definitely get the side-eye from the listing agent and the sellers. Local banks and mortgage brokers who know the local market and have a good reputation for speed, responsiveness and customer service are important in that situation. You can't submit an offer with someone from LendingTree and expect it to be weighed equally to another with a letter from a local actual person.

This is true. You can, however, shop your actual mortgage around (and end up using an online lender) once your offer has been accepted.

but then they run your credit twice! And the second time it will be lower in my experience.

[Anonymous]

If everything goes fine it doesn't matter which you use. But when something gets f'ed up at the last minute, you want someone who you can walk into their office and sit in the waiting room until they are able to see you RIGHT NOW.

[Anonymous]

I work with a builder that will sell pre-market renovations, but they won't accept offers with internet lenders or big banks. Has to be local and with in-house processing/underwriting.

The big bank and internet lenders are too slow and not nimble enough to catch problems....before they become problems.

Want to customize a house for a person that can't get the loan at the end? No way.

[Anonymous]

Anonymous wrote:If you are buying in a hot market and competing against other offers, a preapproval letter from an online lender will definitely get the side-eye from the listing agent and the sellers. Local banks and mortgage brokers who know the local market and have a good reputation for speed, responsiveness and customer service are important in that situation. You can't submit an offer with someone from LendingTree and expect it to be weighed equally to another with a letter from a local actual person.

Exactly this.

[Anonymous]

What about Quicken Loans? Will that be viewed poorly? We have a fully approved letter (meaning the appraisal is the only thing left to do, no reverifications of anything).