Internet Loans: Front Row Seat on the Titanic

I caution Buyers NOT to obtain a mortgage loan to buy their house over the internet. It may be okay to get an internet loan if you are refinancing, but even then I would be wary.

An internet loan is like a front row seat on the Titanic. I represent a Seller now and his Buyer got (tried to get, is more like it) an internet loan from a broker in New York. The closing has been set and cancelled three times, because the internet lender can’t get it together and doesn’t understand our closing system here in Illinois. Don’t get me wrong, I love the internet, but it doesn’t work in a mortgage loan setting. You need a reputable local mortgage broker for mortgage. Someone that you can talk to and who knows how the system works here.

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