Online Mortgage Lenders vs Traditional Bank Lenders

[Michael Hudelson]

Hello all! I'm looking to make my first investment purchase soon, but need to decided on a lender. What are your opinions on using an online lender vs using a traditional bank as your lender?

Also, are there other options I should be considering?

[Chris Mason]

An independent mortgage broker will send your loan to the right home. Sometimes that's a bank, sometimes that's an internet lender, sometimes it's a wholesale lender you've never heard of. Generally they pull lower rates than if you call that lender directly, 0.25% to 0.375% is typical, holding constant fees, etc, that you pay.