I am a first time home buyer, and I am going with E-LOAN. Anyone know if this is a good company?
Question:
Answer:
As a first time home buyer, you are going to have a lot of things to keep track of, consider, etc. The last thing you want to have happen is a delayed closing (or even worse, losing out on the home of your dreams) because your financing was not in order. As a real estate broker, I STRONGLY recommend that my clients use a reputable LOCAL lender that has a name and face that is familiar and can be held accountable for delaying a transaction. That is the biggest drawback to these internet lenders -- they spend a lot of money in advertising and offer competitive rates, but none of that matters if the money isn't there when you get to the table. Ask friends and family members who they've used in recent real estate transactions. Best of luck with the entire process!
You still should call few banks and mortgage co., before you do your loan. Ask what they can offer you and chose the best deal. This work will pay off later. As far as I know E-LOAN defiantly not the best option.
I could be wrong, but don't they compare quotes from various companies? That's always a good thing... then CALL the top 3 (or more). I'm hesitant to buy a cruise or vacation on line (but have), but you're talking a HUGE deal.
Talk to LOTS of people and do LOTS of research before you commit to anything!
You'd be better served by a local loan officer who will answer your questions face to face. A friend did a Ditech loan as a second mortgage via the Internet and didn't know of their relationship to GMAC - her first mortgage holder.
Now she's saddled with a first and second mortgage that are thousands higher than the appraised value of her home. So she can't sell it without bringing nearly $50,000 to the table.
She didn't read the fine print and had no one explain it to her. She trusted people.
Ask your realtor for a few lenders in your area.
More Questions & Answers...