Google has teamed up with Zillow and Lending tree to offer a new service for Californians shopping for a mortgage. The link is HERE and the service will eventually be available in the other States. Check it out!
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The big problem with getting a mortgage from Zillow or Lending Tree or other online brokers is that one is not using the services of local banks and mortgage brokers, hence the mortgage funds leave the area. If one wants to support local businesses while investing in the community then the only place one should go for a mortgage are locally owned institutions. (Coast Central Credit Union is one of the few lenders that hold onto their mortgages instead of selling, a big plus for community investment.)
Totally agree with you however it doesn’t hurt to get quotes from out-of-area lenders. I just got (by snail mail) an offer from “First Direct Lending” for a refi at 3.45%. I’m going to take it over to CCCU and see if it gets me anywhere.
I did too and am going to do the same thing. Unless you can reduce the interest rate by at least 1% AND plan on spending at least 5 years in the house, it is not worth refinancing. Anyway, First Direct Lending plans to sell the mortgage after close of escrow so the mortgage servicer will change.
That’s enough to stop me. Before I hooked up with Coast Central I was having my lender change every few months.