You’ve always wanted a second home at Lake Tahoe… and there has never been a better time to buy. But what about getting a mortgage? You know that the world has changed… since you bought your first home. And you know that you have several options when it comes to getting a mortgage on your Lake Tahoe property:
• You could use an Internet mortgage company or directory… you see their ads everyday online and on TV.
• Or you could use a Lake Tahoe mortgage firm…
It’s a tough decision… but it’s an important one… let’s take a look at some of the benefits and some of the draw-backs of each alternative.
Internet Mortgage Companies
Online mortgage websites come in two “flavors”.
Mortgage Portals comprise the first class of mortgage websites. These sites are really nothing more than “directories” that link to other websites that are run by lenders. These portals may offer free information and helpful tools… some may collect preliminary “qualifying information”… others even offer comparative rankings or ratings of mortgage lenders. These directories usually earn fees based on the number of prospects or customers they send to their “client” sites. They do not offer loans and often, the “ratings” and referrals that they provide are driven more by the fees paid to the portal by the lenders, than by any measure of performance or customer satisfaction.
Actual mortgage lenders run the second class of online mortgage websites. These sites often offer information and helpful tools but they may also have more specific information about the loan programs available and the requirements necessary to qualify. Many also allow the potential borrower to submit “preliminary” qualifying or pre-qualifying information.
As convenient as these online mortgage lenders appear, there are some real issues to consider:
• Local License - A mortgage lender must be licensed by the state in which the property is located… in the case of Lake Tahoe, that’s California or Nevada. It is very easy to invest a good deal of time and effort with an online lender, only to discover that they cannot do a loan in California.
• Best Deal - Often, the best deals are only available through a lender who knows the local market… who is familiar with the property… who can take advantage of local programs… and that “great deal” is NOT going to be known to a national internet lender.
• Local Knowledge - It may be convenient to make your loan application with a national online lender… but in many, many cases, the deal is closed ONLY because of the lender’s personal knowledge of local conditions, or of local laws, or of local contacts. That “lender contact” in Chicago, that you talk to by email, and whose name changes every day, is not going to be there when you need local help to get your home purchase closed.
• Personal Service - Real estate deals are notoriously fragile… many happen only because someone… like your lender… made a special trip to deliver the papers on a Sunday evening.. or called the appraiser at home on Saturday… or… well, you get the picture. You will never get the level of personalized, “go the extra mile” service from and online email contact.
In summary, Internet mortgage companies may be convenient and cost effective… if everything goes absolutely according to plan… and how many real estate transactions have you seen that went “exactly according to plan”?
The better approach is to use a mortgage company who knows the Lake Tahoe mortgage market and who will be there to make sure that YOUR deal, is successful. And the best of the Lake Tahoe mortgage firms, is Raintree Financial. Take just a moment to fil out the “Quick Quote” form and one of our local professionals will be available to answer all of your questions.
You’ve always wanted a second home at Lake Tahoe… and there has never been a better time to buy. But what about getting a mortgage? You know that the world has changed… since you bought your first home. And you know that you have several options when it comes to getting a mortgage on your Lake Tahoe property:
• You could use an Internet mortgage company or directory… you see their ads everyday online and on TV.
• Or you could use a Lake Tahoe mortgage firm…
It’s a tough decision… but it’s an important one… let’s take a look at some of the benefits and some of the draw-backs of each alternative.
Internet Mortgage Companies
Online mortgage websites come in two “flavors”.
Mortgage Portals comprise the first class of mortgage websites. These sites are really nothing more than “directories” that link to other websites that are run by lenders. These portals may offer free information and helpful tools… some may collect preliminary “qualifying information”… others even offer comparative rankings or ratings of mortgage lenders. These directories usually earn fees based on the number of prospects or customers they send to their “client” sites. They do not offer loans and often, the “ratings” and referrals that they provide are driven more by the fees paid to the portal by the lenders, than by any measure of performance or customer satisfaction.
Actual mortgage lenders run the second class of online mortgage websites. These sites often offer information and helpful tools but they may also have more specific information about the loan programs available and the requirements necessary to qualify. Many also allow the potential borrower to submit “preliminary” qualifying or pre-qualifying information.
As convenient as these online mortgage lenders appear, there are some real issues to consider:
• Local License - A mortgage lender must be licensed by the state in which the property is located… in the case of Lake Tahoe, that’s California or Nevada. It is very easy to invest a good deal of time and effort with an online lender, only to discover that they cannot do a loan in California.
• Best Deal - Often, the best deals are only available through a lender who knows the local market… who is familiar with the property… who can take advantage of local programs… and that “great deal” is NOT going to be known to a national internet lender.
• Local Knowledge - It may be convenient to make your loan application with a national online lender… but in many, many cases, the deal is closed ONLY because of the lender’s personal knowledge of local conditions, or of local laws, or of local contacts. That “lender contact” in Chicago, that you talk to by email, and whose name changes every day, is not going to be there when you need local help to get your home purchase closed.
• Personal Service - Real estate deals are notoriously fragile… many happen only because someone… like your lender… made a special trip to deliver the papers on a Sunday evening.. or called the appraiser at home on Saturday… or… well, you get the picture. You will never get the level of personalized, “go the extra mile” service from and online email contact.
In summary, Internet mortgage companies may be convenient and cost effective… if everything goes absolutely according to plan… and how many real estate transactions have you seen that went “exactly according to plan”?
The better approach is to use a mortgage company who knows the Lake Tahoe mortgage market and who will be there to make sure that YOUR deal, is successful. And the best of the Lake Tahoe mortgage firms, is Raintree Financial. Take just a moment to fil out the “Quick Quote” form and one of our local professionals will be available to answer all of your questions.