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The Internet is Good, But…

opes advisors | rob chrisman


Opes Advisors is often compared to, and shopped against, online lenders. With the many real estate websites and apps available today, it’s easy to think a buyer can click around on the web to find all the information they need. But in many cases, the available online data is misleading, outdated, or plain wrong.


We specialize in loans for first-time homebuyers, and our Advisors see this often: A young couple finds the latest mortgage rate on a popular real estate website and then asks their Opes Advisor, “I see a rate of 3.75% – can you get that for me?”


The rates found on websites don’t always consider the type of loan and its terms as well as the buyer’s credit score, down payment, and debt-to-income ratio. In fact, our Advisors usually explain these terms to our borrowers. Realtors often face a similar challenge when a homeowner goes online and sees what their home is worth, but real estate websites don’t always take into account factors like the condition of the house, or a lard rendering factory planned for construction up the street.


The internet is a great resource, but it’s not perfect, and filled with flawed information. That’s why, to determine the actual rate available, top Realtors encourage their clients to work with a licensed mortgage lender. An Opes Advisor has the tools to determine the exact rate for an individual buyer. Keep in mind: rates change all the time – even several times in the same day – so you can’t always trust numbers you see online.


We work with our clients on information sometimes not disclosed by online lenders: Is there an origination fee associated with the loan? What is the APR, or annual percentage rate? What are the closing costs? Every homebuyer should take the extra time to work one-on-one with a lender to understand their qualifications and individual rate, as in the mortgage world, the old-school approach is the smart way to go.


While Opes Advisors, a division of Flagstar Bank, Member FDIC, uses all reasonable efforts to ensure that this information is current, accurate and complete on the date of publication, no representations or warranties are made (express or implied) as to the reliability, accuracy or completeness of such information. Opes Advisors, a division of Flagstar Bank, Member FDIC, therefore, cannot be held liable for any loss arising or indirectly from the use of, or any action taken in reliance on, any information appearing in this email.