Getting prequalified for a mortgage sounds easy these days…..just go online. But what are some of the risks of using an online lender?
illegal business practices do happen with online mortgage companies. Please make sure you know who you are working with before you send over information that might wipe out your finances.
A few of these companies quote a very low interest rate up front in their online websites…but later, after they have run your credit and gathered your private information give you a new, higher rate. RUN away from this type of company.
If they ask you for money upfront…..RUN away. Lenders do charge an application fee but it is not collected until later in the process…..never upfront.
It’s also easy to get prequalified online and later, after you paid an option fee and for home inspections, you find out you really don’t qualify for the house you just spent a lot of money on.
Your local mortgage loan broker offers superior customer service and often will cost you less in the long run than someone you never meet! If you don’t know a local mortgage loan broker, ask me……or ask your Realtor. Us Realtors know the good ones and can recommend someone who can answer any and all questions you might have.