Decision Tools
Direct Lenders
Direct Lenders offer consumers mortgages and then often re-sell them to their banking partners.
Direct Lenders
- In some cases, can make full loan applications over the internet.
- Online rate quotes provided.
- Online rate quotes are Retail rates and are not customized for you.
- Low Rate quotes often require high closing costs or Points.
- You will not necessarily qualify for the products or rates quoted.
- Fees and closing costs can be higher.
FAQs: Lead Generators
How do Lead Generators work?
Lead Generators take information about you and the loan you are seeking and syndicate it to mortgage providers in their networks. There are multitudes of these sites on the web. These mortgage providers will then contact you to compete for your business, and in some cases will make offers directly to you online.
What are the benefits of Lead Generators?
Lead Generators can connect you to a number of mortgage providers, either mortgage brokers or retail lenders, who can compete for your business.
What are the drawbacks/limitations of Lead Generators?
Lead Generators definitely do not ensure you that you will get the best rate available for your specific profile. The rates you receive are Retail Rates, and you will probably be flooded with multiple calls and e-mails from people trying to earn your business.
