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Working With Either an Online or Local Lender—Which Do You Choose?

Is using an online mortgage lender a viable option or would you be better off going with someone local? Find the answer in today’s message.

You’ve decided to buy a home. Congratulations! The next decision to be made is who will help you in that endeavor—an online or local lender? No matter which you choose, it’s important to weigh the pros and cons of each.

In the ‘pro’ column for going the online route, you can take advantage of the Keller Williams Mortgage. Their online application is easy and painless, and you won’t have any closing costs whatsoever. What’s more, you’ll get money back at closing.

In addition to this, online brokerages are often less stringent with their credit score requirements. If yours isn’t quite up to par, you can expect greater flexibility with a lender you find online.

Now, for the drawbacks: For one thing, your risk of falling prey to online fraud and scammers is greatly increased. Anything you do online with all of your sensitive information is not without risk. By sitting down with a local lender and filling out an application the old fashioned way, with pen and paper, you’re free from the potential dangers of online tricksters.

The bottom line is the choice is yours, but take note of the fact that the best rate isn’t always the best deal.

Another thing to consider is that online mortgage lenders are more apt to approve you for more than you should buy. Just because you qualify for a certain loan amount doesn’t mean you should be spending that kind of money. When you meet with a local lender, on the other hand, they’ll tell you the unvarnished truth and help you reach a decision that’s in your best financial interest.

Not only that, but online lenders are also often less accessible to answer your questions or address an issue, should something go awry. It’s nice to know that you can physically meet with your lender and have an eye-to-eye conversation in such cases.

The bottom line is the choice is yours, but take note of the fact that the best rate isn’t always the best deal. It really boils down to who you’re working with and whether they have your best interest at heart.

We at the Charlotte Mabry Team would be happy to make a recommendation to you if you’re trying to decide on a mortgage lender. For help with that or if you have any other questions related to real estate, just send me an email at or give us a call at 423-593-5588. I hope to hear from you soon!

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Charlotte Mabry TEAM

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