Brick&Mortar or online company?

[Anonymous]

I have noticed that many online mortgage lenders have lower rates and fees compared to the brick and mortar banks I've been investigating here in town.  Since in every likelihood my loan will be sold to another agency, I guess it doesn't matter whom I select initially, in terms of any long term relationship.

Still, the idea of going through the mortgage process electronically, never meeting my agent personally, is a bit unnerving - even to this fairly technically savvy shopper.

So, anyone have experience with online lenders?  Which, in your opinion, are the most reputable?

Or, is this an idea to be avoided at all costs?

[ShanetheMortgageMan]

If you are refinancing, look for a lender.  Rates/fees will be very important, as without a certain amount of benefit it doesn't make refinancing worthwhile.

If you are buying, look for a loan officer.  Rates/fees are also important, but not nearly as important as closing your loan on time, getting return phone calls & emails promptly, and a smooth loan transaction.

[Anonymous]

In this day and age, there is little difference in doing a loan for a borrower across town or across the country. So much is done electronically.

I would suggest you ask for a couple of references from either a brick and mortar lender or online lender. Either one can be less than stellar, or very good.

Good luck.