Kim Blanton

When Buying a Home in or Around Goodlettsville, TN - Learn the Pitfalls of an Internet Lender

There is no subsitute for looking at a mortgage professional, face-to-face and discussing the entire process. 

If you are planning on buying a home in or around Goodlettsville, TN, be sure to learn the pitfalls of an internet lender

Internet Lending often allows for a greater chance of misunderstanding or lost communication when a loan is handled over the internet.

Internet lenders  shop for rates with many insitutions.  Be wary of too many inquires on your credit.  It is possible to lower your credit score.

Financial markets are very fluid and changing every moment of the day.  Local lenders are also able to give you the best rates. 

National internet lenders are not always familiar with the actual closing costs required by the state or local municipality you ar applying in. 

This can result in a Good Faith Estimate(GFE) that can be significantly under disclosed from the acutal cost the borrower will pay at settlement.   With new regulations that took effect on January 1, 2010, this will ultimately delay your closing and quite possibly the seller may choose not to extend your contract.

The importance of having a lender that knows the new regualtions is critical. 

Examples: 

• The home buyer must be provided a copy of their appraisal at least 3 business days prior to closing.
• The home buyer must receive a revised Truth in Lending(TIL) at least 3 business days prior to closing. 
• If there are significant changes in costs, redisclosure must take place and will delay the closing even further.

If you are buying a home in or around Goodlettsville, TN, choose your local mortgage lender wisely and learn the pitfalls of an internet lender.

If you want more information on buying or selling a home, learn more about Goodlettsville TN Real Estate

The information provided on this site should not be used as a substitute for professional counseling and advice from certified legal or financial professionals