Online Lending: Pros and Cons
Pros: Online lenders usually offer competitive interest rates. If your credit profile is good, a few hours on your PC can lead to multiple offers. Most online companies use traditional approval and funding. Info is easy to compare without sales double-talk. Borrowers can skip the middleman.
Cons: Online lenders face less accountability. Online lenders may not have earned their reputations. Online companies may not have the legal authority to make loans in your area. Internet suspicion may still be too big a deterrent for you.
Quite often a local lender can provide very competitive rates and terms. Ask your Realtor to provide local options for comparisons.