Question: I am a first-time homebuyer, intrigued with the idea of getting my home loan online since the rates I’ve come across are significantly lower than from lenders in my area. Are there any pitfalls to getting a mortgage this way, especially the first time?
Thanks for any advice
Answer: The process and pitfalls are exactly the same as when applying locally. I had a great experience getting an on-line mortgage a year ago.
Behind many on-line mortgage brokers and lenders is a brick-and-mortar one. You may want to check on these using BBB on-line (www.bbb.org).
By the way, wait until Fed drops the rates this week before locking the rate.
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