There’s no doubt the internet has made our daily lives more efficient and convenient.  We communicate via email, keep in contact with social media, book vacations, download recipes, and stream entertainment – the list is endless.  However, when it comes to one of the biggest investments of your lifetime – purchasing a home – is an online only-mortgage lender a wise choice?  They promise convenience and speed, but they may also present downfalls you weren’t expecting, possibly turning what could be an exciting life event into a stressful nightmare.


Bait and Switch on Rates

Online lenders may promote incredibly low mortgage rates which lure you in only to report, after going through the qualification process, that you don’t qualify for the advertised rate and stick you with a higher rate.


Information Void

Buying a home can be stressful.  You’re bound to have questions or simply want an update during the process. Why is underwriting taking so long? Will my loan close on time? Trying to find the answers may turn into a frustrating wild goose chase and the consequences of the buyer not closing on time can be very time-consuming and costly.


Online Application Errors

When applying online from the comfort of your couch, you may be prone to make mistakes or encounter a difficult to use application, which could cost you extra time and money down the road.


Security and Scammers

Unfortunately, today, scammers and fraudsters are everywhere and getting better at looking legitimate.  So do your research on both online-only and in-person mortgage lenders. Check them out on the Better Business Bureau (Opens in a new Window) and read their online reviews.


Fortunately, when it comes to your mortgage, you don’t have to choose between convenience and service.  At Marine Bank, you can apply for a mortgage online and get pre-approved using our Marine Bank Mortgage: Mobile app. You can also apply in-person at a Marine Bank banking center. Either way, you will get a quick decision and the personal attention of an experienced residential loan officer.


Here are just a few ways a mortgage professional can make your home buying process easier.


Making Sense of Complex Finances 

If you are self-employed, have filed bankruptcy or gone through a divorce, you will save yourself a lot of frustration by meeting face-to-face with a residential loan officer to explain the complexities of your financial situation.


More Financing Options

A residential loan officer can offer in-person assistance with more financing options with lower interest rates or longer repayment periods.


Peace of Mind

When you’re buying a home- especially your first - you’re bound to have questions and want answers quickly. Knowing that an experienced residential loan officer is only a phone call or email away can help you avoid worrying.


Access to Assistance

An in-person residential loan officer can also: 

    • Assist you explore ways you can reduce costs.

    • Help you set a budget to buy a home over the short term and improve the way you manage money over the long term.

    • Educate you on the realistic, long-term costs of home ownership beyond the loan itself, to include both maintenance and insurance. By helping borrowers make educated decisions, lenders can minimize buyer's remorse.

    • Guide you through your home search, appraisal and title search process 


At Marine Bank, we know the right mortgage is more than just a competitive rate or term. That’s why we provide the experience you need and the responsiveness you expect to feel confident every step of the way. Contact one of our Residential Lending Officers to start your home buying journey.