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A lot of people are hooked on this Internet thing. I'll admit, I'm one of them. I shop on Amazon.com and on Ebay. You can definitely find a bargain on a lot of things by shopping on the Internet.
Unfortunately mortgage financing isn't one of them!
"What? There are thousands of Internet lenders and call-center lenders out there! I can go to Lending Tree and get three loan officer's fighting over my business, didn't you see the commercial?"
I don't think that the Internet is the best place to find your mortgage lender because it's like playing Russian Roulette with your mortgage, except that most of the cylinders in the gun have a bullet in them. If you're the perfect borrower (or think that you are) then these Internet lenders might be the way to go. They can offer some fantastic rates because they cut out the middle man (i.e. the broker) and they don't have a bricks and mortar location to maintain and manage, but that doesn't make them a bargain!
After your read this paragraph, close your eyes and imagine some geeky guy with a headset on playing Nerf basketball in his cubicle while talking on the phone to you. As soon as he hangs up, another call is going to appear on his headset and another one after that. He really doesn't care all that much if your transaction closes or not because it's not going to effect his lifestyle? He's still going to get his 15 minute break every 3 hours and 1/2 hour for lunch. If he reaches certain production goals, then he might get a couple of hundred dollars as a bonus, but it's not tied directly to your transaction.
Is this really the guy that you want to be handling your transaction? What happens if there is a survey problem? Or what happens if it turns out that your bonus was high enough to where you have to send in your last two years worth of tax returns.....oh, maybe you shouldn't have written so much off on those rental properties, huh?
With ValueList, you get an experienced, professional loan officer. If we don't get your transaction closed, we don't get paid! Yeah, we might be 1/8 of a percent more expensive on the rate than the guy with the Nerf basketball, but damn it, we're worth it!
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