Author Topic: Online Lenders VS Brick and Mortar Lenders  (Read 1359 times)

Two Shoes

  • 5 O'Clock Shadow
  • *
  • Posts: 5
Online Lenders VS Brick and Mortar Lenders
« on: November 26, 2014, 01:48:57 PM »
I'm looking to get financed for a second home and or a rental property. I made the poor choice of going with the first place I went to back in '09. This time around I'm looking to actually get the best deal I can.

Where have you had the most luck?

Who would you use again?

Who should I stay away  from?

brooklynguy

  • Handlebar Stache
  • *****
  • Posts: 2207
  • Age: 38
Re: Online Lenders VS Brick and Mortar Lenders
« Reply #1 on: November 26, 2014, 06:18:45 PM »
Money is a fungible product.  Shop around and take the best deal you can find from any lender who is actually going to show up with the money at closing.

Poorman

  • Bristles
  • ***
  • Posts: 260
  • Age: 41
  • Location: Orange County, CA
Re: Online Lenders VS Brick and Mortar Lenders
« Reply #2 on: December 02, 2014, 11:54:31 AM »
Bankrate lets you comparison shop lenders and I know for a fact that some lenders give slightly better rates to customers through Bankrate because I work for one that does.  My most recent mortgage was through a company called AIM Loan (not the company I work for) and they have really competitive rates.

Another Reader

  • Walrus Stache
  • *******
  • Posts: 5012
Re: Online Lenders VS Brick and Mortar Lenders
« Reply #3 on: December 02, 2014, 12:26:39 PM »
Second home and investment property loans are more complicated than primary residences.  A lot of low cost on-line lenders are not set up to do these or can't do them efficiently.  If your financial life is complicated, underwriting your file requires extra work that the on-line lenders won't want to do.  If you are going to get into investment properties, it can be helpful to develop a relationship with someone locally that understands what you are doing. 

For one investment property and a simple underwriting situation, have a look at the rates and terms offered by PenFed credit union on-line.  Their loan product should be a good representation of what you can expect.