Wish I could add somethings to this site, but I am just FULL of questions LOL Thanks for the help so far

I am still shopping for my refi, and I am wondering about online lenders...can they be a scam? Would escrow catch it? What could a con do to me? My identity? What could go wrong? How can I check them out before hand?

I can't help but like the lower fees, I just don't want to walk into an alley with my wallet hanging out...

Found50,

I own two properties and have endured (and I mean endured) two mortgages and a refinance.

I would recommend two things

1) Try to find a lender via www.bankrate.com. This site seems very reliable and has a great deal of information. This is how I found my broker.

2) Have a real estate attorney assist in the transaction. The cost will be a little higher, but the peace of mind will be well worth it.

3) Check out the lenders via the Better Business Bureauweb site. See if there are any complaints, etc.

Regards,

TMH

Found:

With 95% of bank lenders offering some sort of residential product, I do not see the need to go online other than to avoid having to deal with people face to face. However using an online resource such as bankrate.com is a good idea, just be careful when visiting that place as there are so many ads you could end up going to an advertisers site instead of remaining in the bankrate site. The benefit of a website like that is to be able to compare the rates from different sources at once.

Another good source is your local newspaper as it will have the ads of the different local lenders with their respective rates.

On residential, they will ask you for $200 to $300 to perform an appraisal and a credit report. Consider that money an investment, but be ready to walk away if the deal changes too much from the original conversation. The good thing about refinancing is that there is no purchase contract hanging over your head. Unfortunately, I have heard too many stories about the deal changing at the closing table to a higher interest rate. If a lender did that to me, I would walk away.