Beware of Internet Mortgage Companies!

The last thing you ever want to do is work with an Internet mortgage company. Now, the overwhelming majority of them have the ability to have you thinking that you're going to get a great rate with low closing costs, when in reality, you get to the closing table and all of the numbers are different than what you were previously told.

The problem with Internet mortgage companies is that you'll never see them face-to-face. They may be working out of some small office space in the Southwest or Florida or Northeast. They may use an out-of the-area appraiser, underwriter, loan processor and title company, who aren't familiar with local customs, and you end up not being able to get your mortgage approved.

You also need to understand that many so-called Internet lenders are actually lead-generation companies. They get your information and then sell it to mortgage companies who solicit you to get your business.

The Internet can be a great place to do research, but I don't recommend finding your mortgage through an online mortgage broker.

At your service,

Dan

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I'll gladly answer your questions at: dan@danweis.com.

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