Last week we looked at several of my favorite real estate Web sites, and came to the conclusion that the Internet can help with home buying.
However, there are some sites I recommend you avoid, especially if you are new to the world of mortgages. I am talking specifically about Internet-based home lending services.
My experience with such sites has been poor, at best. And I have been in the real estate business for many years. Here are some of the problems I have encountered:
They are all too happy to take your application and tell you how smoothly everything is going to go, but when weeks go by and you haven't heard anything from anyone, there is no place to file a complaint.
I quizzed one customer service agent and discovered that he was required to perform "live chat" with up to six customers at the same time, answering their questions in "round robin" fashion. Unfortunately, it left him no time to concentrate on my issue.
On this particular loan, I simply gave up trying to reach anyone, because it seemed to do no good. Several weeks later, after my rate lock had expired and the rates had gone up, they called me and said I was finally approved.
My advice is to choose a locally based reputable real estate lender that has a proven track record of service and integrity.
John Adams is a broker and investor. For more real estate information or to make a comment, visit Money 99. Find previous articles by John Adams and more home buying advice on the ajchomefinder mortgage center.
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