Online lenders quick, convenient, but human touch is still important
SFGate.com, February 12th, 2006
When it comes to shopping for a home mortgage, many people are letting the
mouse do the walking, just as they do for books, music and other products.
Consequently, most brick-and-mortar lenders now have Web sites touting their
products and rates. Some lenders operate almost exclusively online, using the
Web, e-mail and telephone to serve clients.
It's hard to beat the convenience of doing business online: no worries about
what time it is or what you're wearing, no parking hassles, no long lines.
Bruce Hampton of Livermore, a retail executive for Men's Wearhouse, began his
online search for a mortgage last fall when he learned he would be transferred
to the Dallas-Fort Worth area early this year.
He looked at several sites to see how the process works and to compare rates,
but some sites "were cumbersome, overly complex or redundant," he said. He also
talked with some Texas lenders, but they weren't competitive. He decided on
E-Loan, based in Pleasanton, because it's a national lender and "it was quick,
simple and easy."
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