No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
OK - so my wife and I are in the very early stages of our home search.
Our finances and FICO scores are in order but I have no idea how to find the "right" loan officer or online lender. I entered in our information on lendingtree dot com and my phone has been ringing off the hook. Who do you know to trust?
1) What are people's experiences in searching for the "right" on? Do you get referrals from friends and try to stay local?
2) Can the online lenders be trusted? I heard it's totally normal to get a mortgage loan approval and never see your loan officer
Any insight or tips would be greatly appreciated!
Following. I'm going through the same thing. Best of luck!!!
Lending Tree is just giving out your info to actual mortgage brokers or bankers. I asked a question the other day about lenders and the answer I got was to stay away from brokers and go with someone who actually funds their own loans. I've also read posts here that advise to stay away from Lending Tree.
I haven't started looking yet, but the first place I'm going to get a pre-approval from is my local credit union. Another is a referral from a real estate agent that is a friend of a friend. I would go with local banks and referrals from people who have actually used a specific lender.
I'm a big fan of technology. I don't mind not having a local insurance agent, but when it involves the biggest purchase of your life, my preference would be to see the lender face to face.
I also heard that getting a referral and staying local for a home purchase is the way to go. But many LO's say they met most of their clients but you should always work with someone who knows the area/market.
I have one guy right now in NJ who sounds great and has been very helpful. Also waiting for my sister/brother in law to get back to me with a local referral.
But the online lending business is COMPETITIVE!
These days local or not isnt as important as it once was - dont get me wrong your Realtor will tell you that it is but from what I have seen that is for their own comfort and isnt as much a concern for the buyer. With banking technology the way it is you do everything through email and fax so it doesnt matter if the LO is your neighbor or on the other side of the country. Look at all things when loking for an agent to handle your loan. Look at costs - rate - and dont forget to calculate in the quality of the LO. Having faith that they can get the job done is worth more than a little as the whole process is very stressful. Many banks/brokers will hire anyone give them a little training, expect to get a couple of loans from their friends or family and then hope that they figure it out. The problem is if you call a bank you dont know who you will get or what their experience is. You may get lucky but you may not.
Good Luck with the search
Brian
I would not recommend Lending Tree.
I fell for it one year during a refinance and all it was is a way for Lending Tree to make money from lenders. The rates were very high, and I had to refi to get away from the lender.
This was about 10 years ago, so maybe thngs have changed, but Lending Tree is simply a sales tool for them, not for you.
Good Luck.
Having the ability to look your loan officer in the eye is important in my opinion. A local loan officer has more to lose than an online or out-of-two source. In the "good old days" when there existed an extensive set of mortgage options, it made sense to chase the product offering the best fit. Today, all the available products make up a relatively limited menu. It is not about products and rates anymore as it is about service. If someone contacts companies like Lending Tree thinking those are lenders, then that person can benefit greatly from local, face-to-face servicing by the loan officer.
I highly recomemnd going with someone local.. I started with an out of town lender and eveything took 3 days.. Switched to a local lender and was so glad I did...