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Web Lenders Offer Low Rates and Lower Service - 2009-07-05
Last week we looked at several of my favorite real estate websites, and came to the conclusion that the Internet can, indeed, serve a useful purpose in the home buying process. However, there are some sites I recommend you stay away from, especially if you are new to the world of mortgages.

I am talking specifically about Internet based home lending services. I can simply tell you that my experience has been poor, at best. And I have been in the real estate business for many years.

Here are some of the problems I have encountered with Internet based lenders:

* Because there is no one to actually sit down at a desk with, it is hard to get anyone on the other side of your computer screen to take responsibility for your loan. Oh yes, they are all too happy to take your application and they tell you how smoothly everything is going to go, but when weeks go by and you haven't heard anything from anyone, there is no place to go and file a complaint.

I quizzed one customer service agent and discovered that he was required to perform "live chat" with up to six customers at the same time, answering their questions in "round robin" fashion. Unfortunately, it left him no time to concentrate on my issue.

* After one of my applications was assigned to a processor, I was unable to reach that processor by phone. Believe it or not, her voice mailbox was always full and would accept no more messages. I was left with only e-mail as a method of communication.

On this particular loan, I simply gave up trying to reach anyone, because it seemed to do no good. Several weeks later, after my rate lock had expired and the rates had gone up, they called me and said I was finally approved. I can't imagine that happening at a reputable institution based in my hometown.

* Finally, I was dismayed by the plan of the lender to close the loan by mail. In other words, they wanted to send me a package of documents and tell me which ones to sign where, then have me mail them back.

Call me old fashioned, but I prefer to close in the office of a real estate attorney. At least that way, I can ask all the questions I want about the documents. In addition, I can discuss any title issues, and still have the option to buy owner's title insurance.  In my opinion, it's just a safer way to conduct what may be the largest purchase of my lifetime.

My advice is to choose a locally based reputable real estate lender that has a proven track record of service and integrity. When it comes to home lending, you get what you pay for.

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