Online Mortgage Lenders for Conventional Loan w/20% down?

Question

Looking for input on best options for an investment property (2/2.5 Townhouse) that I went under contract on today as a buy and hold. I will be putting 20% down and am looking to go with Conventional financing. I have started working with the mortgage broker my realtor recommended, but would like to get at least two other offers to compare.

Mostly curious about going with a local person vs. some of the online sites, like Rocket Mortgage, etc.?

Thanks in advance!

Mostly curious about going with a local person vs. some of the online sites, like Rocket Mortgage, etc.?

Thanks in advance!

Duane Gunkler · Answer

Awesome.  Thank you @Kyle J.

Kyle J. · Answer

What’s a late fee? Lol. Like anything else, just make your payments on time and it won’t be an issue. Seriously though, I don’t have a single complaint about them. Their customer service and responsiveness was very good when I dealt with them.

Also, they have never held a mortgage I’ve done with them. They have always sold them shortly after originating them so it’s interesting that people would complain about the servicing of the loan.

Anyway, just another option if you’re looking for quotes. They’re pretty low cost and I’ve never had them fail to deliver.

Duane Gunkler · Answer

@Kyle J.  Thanks for the recommendation.  Looks like they are very polarizing.  Some people love them, and a fair amount are not happy.  I always take negative reviews with a grain of salt.  Things like people being mad they were charged a late fee when they didn't pay their mortgage on time, etc.  Easy fix - pay on time!  LOL

Kyle J. · Answer

@Duane Gunkler  I've used CashCall several times (so have others I know) and was very happy with them.

Duane Gunkler · Answer

Awesome.  Thank you for the input Kyle!  I will take a look at some of the local banks and see what they can offer.

Kyle Collette · Answer

I personally haven’t used rocket mortgage or others, but have gone from big banks, to smaller banks, to now exclusively using local community banks. They may not always get the best rates, but the ease of use and creativity that many of them have has far outweighed the slightly higher interest rates. Starting out again, I would go to them sooner to really help accelerate our growth with much more ease