Be Careful with On-Line Lenders
15 Minutes Could Actually Cost You
Another closing needlessly delayed because the internet Quick, not mentioning any names, lender couldn't perform in a timely manor. Nothing against any of the on-line services but ... saving a few dollars over months and months of financing and risking unplanned delays could cost you so much more than you could ever save.
Agents work with local lenders every day. They will likely have the names and contact information of several excellent choices. They keep track of the lenders that perform well and those that don't. These relationships exist because lenders thrive on repeat business. Happy real estate agents give good lenders repeat business. On-line quick loans aren't really interested in repeat business.
If they screw up your closing or cause you to pay huge overages for moving vans or even cause you to lose the house due to their delays they can simply say next. Then they focus on the next unsuspecting home buyer. "Hey we can save you $3.49 per month", whoop ti do! It will take you 3 years to make back the moving company's first hour of overages. Then all you have to do is find lodging for you and your family, and hope they take in the pets too. That shouldn't cost much. Finally, hopefully the seller who is likely totally peeved by now has to sign the contract extension. In some markets the back-up offer might be better than yours so you could find yourself out-of-contract and out-of-house.
So if your agent suggests a local lender, they have a good reason. The local banker has a name and reputation to protect in the community. They rely on your and the agents good reviews. They will get the job done and in the end save you a whole lot more than a few dollars.