Celebrating 10 years! 2007-2017

Does anyone here have a mortgage with an online bank?

My wife and I are in the market for a house. We have the do nycatt10/12/18
If you are in fact a lawyer... Seeing a real person face to billcarson10/12/18
I am a lawyer. I have been practicing for ten years in real nycatt10/13/18
I did it all online. Mostly ok though they were doing some c therewillbeblood10/13/18
Thanks - very helpful!! My wife knows some people at a mort nycatt10/13/18
SoFi? I refinanced my student loans and they won’t stop em irishlaw10/13/18
I got my loan consolidated with them and paid it off fully t nycatt10/13/18
nycatt (Oct 12, 2018 - 6:25 pm)

My wife and I are in the market for a house. We have the down payment and are looking around, but are not in a hurry and want to time it with the end of our lease in May, although we can eat the 6k lease break penalty if a really nice house comes on the market in our range. It looks like the best case for big banks and credit unions around here is 4%. We can get 3.85% from Better, an online mortgage co. (This is for a 15 year fixed rate 20% down mortgage)

Does anyone have an online mortgage and have a positive or negative opinion on this? I read that it is nice to work with a local bank because you can see a real person face to face. Not sure if that is worth $825 per year over 15 years though. What do you think?

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billcarson (Oct 12, 2018 - 10:26 pm)

If you are in fact a lawyer... Seeing a real person face to face isn’t worth the rate over prime (plus fees) you are paying extra to keep the bloated brick and mortar afloat.

Having an in-person meeting only seems like something low education elderly folks would require to understand.

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nycatt (Oct 13, 2018 - 3:28 pm)

I am a lawyer. I have been practicing for ten years in real estate litigation; I have litigated disputes over 1M deposits on 100M buildings in deals gone bad. I should be ok. (Famous last words - LOL)

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therewillbeblood (Oct 13, 2018 - 2:13 pm)

I did it all online. Mostly ok though they were doing some crazy things (like requiring employment verification the day of closing). More painful in terms of customer service but got a great deal (even the closing agent was like “they kind of suck but it’s really great terms”). Found them through costco’s mortgage referral program.

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nycatt (Oct 13, 2018 - 3:30 pm)

Thanks - very helpful!! My wife knows some people at a mortgage start up that seems to be doing well and they are offer us a rate below every printed rate for every brick and mortar of every type - I think we gotta go for it.

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irishlaw (Oct 13, 2018 - 4:41 pm)

SoFi? I refinanced my student loans and they won’t stop emailing me about getting a mortgage.

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nycatt (Oct 13, 2018 - 5:20 pm)

I got my loan consolidated with them and paid it off fully though their lowest mortgage rate is 4%. better rates elsewhere, although not by much

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