You’re interested in buying a home, researched the process online, and still have questions. Does this sound familiar? Whether you’re new to the home buying experience or have cycled through a home or two in the past, you likely have questions or would appreciate guidance. While the convenience of an online lender might sound appealing (we get it, browsing the web in your jammies is nice), there are several reasons why working with a local financial institution is wiser.
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1. Upfront, accurate information.
Online mortgage lenders’ low rates and willingness to approve applicants with questionable credit is attractive. However, a low rate could mean hidden fees later in the process, and just because you’re approved for a mortgage loan doesn’t mean you can afford one. With a local lender, you’re sitting across the desk from an actual person, so you can verify that all rates and fees are disclosed. Though local lenders are more selective about approvals, they will offer advice and tools to help you get approved quickly.