All,
About a year ago I wrote a post asking for advice for my home purchase. I had a pushy in person loan person who had worked with my realtor trying to advise me not to go with an online lender I found on Bankrate which had a better rate. He used every excuse I can possibly come up with try to and dissuade me from going with them.
- The rate they are quoting isn't legit, they will change it
- What if something goes wrong? How will I get in contact with them?
- They're just going to sell the loan. What if I don't like the new company?
- Rinse, repeat, etc.
I won't lie, I put a ridiculous amount of thought into this decision, and decided it was worth the peace of mind to go into the loan for 30 years @ 4.75%. (we have premium credit, this was literally the top of the interest rates before they came back down...lucky us). The loan went through just fine. Yay for in person loan person. Yay for us.
But I kept watching interest rates and saw they were coming back down. I knew it would be difficult, but if I could get to 4%, I figured it might be worth the effort to refinance. I'd cut 150-200 out of my payment, save a ton on interest, and I would be low enough I probably wouldn't ever have to worry about doing it again. So I went back to Bankrate, and the same bank was offering some rates around 4%. I e-mailed the loan officer and we ran the numbers. The experience was so amazingly positive, it drove me to write this post because I wanted people to know about it.
For starters, the people I dealt with at the internet lender(I don't think I can post their name?) were absolutely fantastic. They were responsive. They had a great internet portal so I could watch the numbers as they moved. My loan guy helped me negotiate with the title company to get those fees down. My processor updated me every single step of the way. When the appraisal came back a little higher, the loan guy got back in touch w/ me to make sure I got the exact correct amount of money put down / financed. It was simply perfect in every way. And we closed for 30 years @ 3.865% in <24 days.
The APR never changed. Every time a number on the loan sheet changed for even a dollar it e-mailed me so I could see it move and ask questions. They were ultra responsive, never taking more than a few hours to answer an e-mail. And guess what...the in person loan company sold my loan to Wells Fargo. The internet company? Also Wells Fargo. The same login even works. So that was a moot point.
I guess my point is.... I can't promise every lender and every loan officer is going to be as awesome, but the majority of my concerns were a non-issue. The idea of saving almost a point of interest on a 30 year loan saved you tens of thousands of dollars. Here is one, totally advertisement free, person telling you that it all worked out just fine.
Submitted May 19, 2019 at 08:39PM by ZBTHorton http://bit.ly/2VCyGbQ
