As agents, we encourage buyers to shop around before choosing a loan. We supply names of trusted vendors who give our clients exceptional service, competitive rates, and who work professionally with agents on both sides of the transaction. Their reputations are tied to their performance here in Portland. If they fail, they have a lot to lose.
After completing all the research, our latest buyer came to us with extraordinary rates and terms from an online lender. This was someone we didn’t know, working in another state, with no local track record, no relationship to our community—and therefore little or no sense of accountability.
Like every other online lender we’ve worked with, the deal got needlessly messy. In the end, we pulled through—with great assistance from a local title officer. We closed the transaction and our amazing client got the rate he wanted. But as agents we’ve reinforced, once again, why we talk with clients about the consequences they face when choosing an online lender.
We love our local mortgage brokers—our tried and true partners in transactions who are diligent, ethical, and go the extra mile to hit every deadline. We know interest rates are important—but working with a loan officer who prioritizes timeliness, relationships, reputation and service are a big part of a reaching a successful closing. Every time we venture into the wild world of online lending, we become that much more grateful for the lenders we know and trust.