What’s the Difference Between Using an Online Lender and a Local Lender?

Vero Beach, FL Real Estate Video BlogPodcast with Kelly Fischer

When getting pre-qualified, you’re much better off using a local lender instead of an online one. Today I’ve brought in a mortgage expert to help explain why.

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We’re seeing a lot of people lately get pre-qualified over the Internet instead of through a local lender. Maybe that’s ok for some people, but for most it brings some unwanted surprises. To help explain why, I’ve invited Eric Intihar from U.S. Mortgage of Florida to talk about this subject.

In Eric’s words, a mortgage isn’t a commodity—it’s a sophisticated financial product. That’s why it’s very important when evaluating what your mortgage options are that you deal with someone you know, trust, and can get ahold of when you need to. There will be a lot of questions you’ll have as part of the normal mortgage process, and you need someone with the experience and patience to address those concerns.

A mortgage isn’t a commodity—it’s a sophisticated financial product.

Unfortunately, Eric frequently gets clients who need his help to fix something that went wrong with an Internet pre-qualification. This is because online lenders have no real relationship to the client or Realtor, so you aren’t a top priority for them. That’s a lot of risk to take on for such a big financial decision. As a general rule of thumb, when you’re working with an online lender, you’re typically working with someone who’s not as experienced as other lenders. You could even go so far as to describe most of them as entry-level.

In my experience working with Eric, older clients who might not be as tech-savvy can especially benefit from using a local lender instead of an online lender because local lenders can actually go to their house and help them navigate through the process. Like any line of work, customer service is key, and using a local lender means getting a personal touch.

For more information on lending and the pre-qualification process, you can call Eric at [phone]. If you need to buy, sell, or invest in real estate in the Vero Beach area, don’t hesitate to give us a call. We’d be happy to speak with you!