Getting a Sonoma County Mortgage Loan requires careful consideration of not only the costs involved, but where you go to actually obtain financing. When people think of a mortgage they usually think of their local bank or a mortgage broker. Independent direct lenders are often lumped together with brokers because each is a paid to originate the home loan for the consumer. Another choice becoming more and more popular is that of Internet lenders. An Internet lender provides the same terms and rates as a local professional the difference is that they are thousands of miles away.
Internet Lenders usually operate online only which means you’ll never get to actually meet the person handling your home loan.
Let me ask you a question. How important is getting that mortgage loan to you? My guess is it’s probably going to be the largest financial transaction of your life. You might only do a handful of mortgages in your lifetime. Now let me ask you another question. How can you trust someone who you will never get to meet in person with such a large financial transaction, let alone with your social security number?
You see internet lenders operate solely on the volume. Because they operate in this fashion, they also run their business on very thin margins which means customer service is not a key focus. How can you provide outstanding stellar customer service while at the same time be the absolute lowest bottom-line competitor? The answer is you cannot. Internet lenders run their business solely on advertising. Their business model looks like a churn and burn situation. They churn out the business and the burn component is never actually having a relationship with them. You’ll never get a phone call from the Internet lender you closed your loan with two years ago down the road informing you of an opportunity to save money at no cost.
Internet Lenders offer one thing only and that is convenience.
As both a local lender and an online lender, I have the flexibility of being able to serve people both in person and over the Internet. Nearly all of the folks who work with me choose to meet in person. Most people like having somebody local that they can go meet with and talk to in person as opposed to a phone receiver only. Internet lenders are commodity only.
For example have you ever noticed that when mortgage rates drop you start seeing all of these ads for Internet mortgages? That’s right you’ve seen them Cashcall, Quicken among others. It’s because their business is cyclical and is not based upon forming relationships or providing tangible information.
If you are thinking about getting a home loan definitely use the Internet to get a feel for where mortgage rates are at. You can even get a free mortgage rate quote from me Scott Sheldon Sonoma County Mortgage Lender. Contact me Scott.Sheldon@nafinc.com today! The best mortgage tip I can offer you working with Internet lenders is know the risks.
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