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What about those Internet Lenders?

Due to the wealth of information available, low interest rates and the do it yourself shopping spirit of the Internet, Mortgage lenders have popped up all over the place. No name, no service companies can instantly project an impressive presence. Local real estate customs and processes are different in every State. Even nationally recognized companies have issues when they are not "properly" set up to do business in a given area (This requires much more than being "licensed")

Problems are normal in the course of a complex transaction. It's how you deal with problems that sets you apart from the others. A good local lender gives you a physical presence to have "fix" the problems. One of the biggest issues with Internet lenders is the mortgage money showing up on time, unfortunately and very frequently the money does not arrive in time, setting off a nasty chain reaction of failed/delayed closings and talk of lawsuits (mention Internet lender to an Attorney and watch their eyes roll up into their heads) Please shop for your loan carefully, you wouldn't want to be accused of  "closing interruptus"