NLIC.org

Dave Said:

online companies offering mortgage loans?

We Answered:

I would stay away from these types of companies. It is nothing but a clearing house. They send your information out to a number of companies.... they ALL pull your credit, and there is not local representation. Multiple credit pulls, hurts your score, and personalized representation is very important. Your best bet is to either go to the bank where you do business, or a local mortgage "banker" (not mortgage company). They have access to many programs that should address your needs. You also will have a real person to speak with during the process.

Annette Said:

Why are so many online mortgage companies based in Louisville, KY?

We Answered:

The mortgage brokers that respond are not "online mortgage companies" They are whomever pays lending tree for your information. (Are you in Kentucky?) Lending tree makes money collecting lead fees from brokers, not from actually getting you a loan. You would be better served by picking a broker yourself based on your own set of criteria than having Lending tree sell you to the highest bidder ... and in their case ... multiple bidders.

Ramon Said:

Should I try some online mortgage companies or go with the local guys that I know and trust?

We Answered:

What would make the difference is if you would want the option to be able to go into an office and talk to someone if you were having a problem.

Kathleen Said:

How can I find out if an ONLINE MORTGAGE COMPANY is a real company and not another online scam???????

We Answered:

They presumably are based out of somewhere. Should be on their website somewhere. You could then check the Better Business Bureau and maybe do some online searching of their name to see what you can find.

As a real estate agent I sometimes get quite nervous with some of these online lenders buyers use. When there is a problem it can sometime be very hard getting a real person to work with.

In the long run I think you are better off going with a well known bank or mortgage lender.