We're looking at purchasing a first home, income is high enough that lenders have made it clear they're willing to lend us much more than we're asking, credit score is about a 770, and we're putting 20% down for a 15 year loan.
Online lenders appear to be offering rates just under 4%, claiming a flat $1500 fee, which they say part of which could potentially be waived in some cases, while local lenders are wanting closer to 5% with fees.
The real estate agents we've spoken with are saying online brokers are slow and sometimes that makes it hard to compete in a fast moving market, although I think that's typically for people whose situations are more complicated than ours.
It seems like we're fairly ideal people to lend to, so I'm wondering, is there something else about online lenders I should be wary of, or is this the same fear of online banks that was so common 5-10 years ago?
Submitted August 11, 2018 at 06:44PM by Ecksters https://ift.tt/2MELT0j
