Lending Tree Publication provides the latest news in the mortgage industry from interest rate and APR updates to tips and advice on making smart borrowing decision. Casey Hines’ article “Benefits of Choosing a Mortgage From an Online Lender” discusses the pros and cons of using an online lender. “A local bank isn’t your only option anymore when shopping for a mortgage. Online-only lenders such as SoFi, Better, Guaranteed Rate and Rocket Mortgage by Quicken Loans are now competing for borrowers looking for more flexibility in their homebuying journeys.”
Karen Kostiw, a real estate agent at Warburg in New York and New Jersey, said “online lenders such as Guaranteed Rate provide increased transparency into the process for both buyers, sellers and real estate agents by keeping everyone on the same page.
She said that as a listing agent, she could see when buyers are interested in a property and monitor the progression of their mortgage application. This allows her to keep her clients up to date more easily, rather than to chase down all that information. She noted that borrowers could often track the status of their applications as well, giving them greater visibility into their status”.