What about “dot com” lenders?

When purchasing a home, or anything for that matter, over $100 it’s best to use local merchants. Why you may ask? If you have a problem is it not better to go directly to the source to get satisfaction? The same holds true with mortgage companies. If you deal with someone on the internet or a 1-800 or 1-866 phone number, the service is a gamble at best. Your Realtor® knows the local mortgage companies through personal interaction or by reputation and they are you best source as to who to trust.

Using a local lender for the pre-qualification process gives you a great opportunity. If there are problems with your credit you can go directly to their office and receive a number of services. Examples of some of the services they provide are: a) advising you on your credit problems and how to rectify them; b) they can assist you in plotting a course of action to help you reach your goal, the American dream of home ownership. All this personal service is provided free of charge! They receive their fees at closing so it’s in their best interest to provide the assistance necessary to get you a home loan.

As your Realtor®, if there are problems during the loan process I can assist you by going directly to the source to get them worked out. When dealing with an 800# you get no personal service, no guarantee that you will talk to the same person, nor do you know if they will call you back to address your issue.

You may ask why I’m so passionate about this issue. It’s because I am dealing with a mortgage company that’s a dot com and it has been challenging!! I can never get a person on the phone, nor do I hear from them until they need something. I currently have a young couple that should have closed on their home last month and because of the dot com they’re still waiting. Even though I did not recommend the dot com company, the customer is upset with me because the issues they have are not being addressed. I have been doing this long enough to know my part and I also have an excellent administrative assistant who keeps me on my toes in the event I do forget something.

The bottom line is, a local mortgage company will be able to assist you better and provide you with the level of service you deserve. After all, is it not better to be able to communicate with someone face to face instead of hoping to get in touch with them on the phone?

John A. Boyance

Realtor®

Realtor®