Q&A: Local vs. Online Lenders


Today I’m joined again by Brandon Harris from Perennial Mortgage Group to answer an important question: What’s the difference between working with a local mortgage lender and an online mortgage provider?

The main difference boils down to human interaction. With so many of our daily tasks already automated, it’s not surprising that some people opt for online mortgage providers. When you’re looking to finance a home purchase, however, you need to work with someone you can communicate regularly with and meet in person.

“You’ll never have an online lender give you their cell phone number in case you have questions.”

It’s important to remember that obtaining a mortgage is not a single transaction. It can take anywhere from 25 days to up to 60 days or more. For most people, getting a mortgage is something they’ll only do a handful of times in their life. Local lenders do it on a daily basis and are experts in your area. If you have questions and need answers, you need an expert you can turn to.

Online lenders in commercials like to tout how easy it is to get a mortgage by suggesting all you have to do is provide all your information and click a button. In reality, that’s not the case. There are many different tasks involved in getting a mortgage, and you’ll eventually have to speak with somebody to get them accomplished. If you use an online mortgage provider, there’s a good chance you’ll be dealing with different people throughout the process or whoever happens to be in the office that day. With a single local lender, they know your situation and what’s going on the whole time.

If you have any more questions about the mortgage lending process, you can call Brandon at (919) 353-1918 or email him at brandon@perennialmortgage.com.

If you have any other questions or are interested in buying or selling a home, feel free to give me, Christine Molloy,  a call  (919) 247-1989 or shoot me an email  Christine@rareProperties.biz.  I’d be happy to help you.

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