Web-based mortgage origination can save money, according to some reports, but the jury is still out on who gets the savings. Online originations appear to work best for straight forward applications from those with the best credit records and fewest abnormalities, but not always. Computers and the underwriting process slows down for everyone when demand exceeds capacity and, on-line, a warm body may not be there to hold your hand. The most common mistake people make is unrealistic expectations. Advertised rates are those for borrowers with the best credit histories.
Professionals make mistakes, especially when the pressure is on.
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