I've had experiences with both, and honestly, the online lender hiccups I've seen were mostly about rigid processes rather than slow communication. A friend ran into trouble when their appraisal came in low, and the online lender just didn't have much wiggle room to adjust terms quickly. Local lenders seem more willing (or able?) to pivot on the fly... something to keep in mind if you're worried about unexpected bumps along the way.
Interesting perspective. I've also wondered if the rigidness you're describing is tied to their internal policies or more about regulatory constraints. Local lenders might have more flexibility because they're familiar with regional market nuances, making them comfortable adjusting terms on the spot. Have you noticed if online lenders are improving in this area lately, or do you think it's inherently part of their business model? Curious if technology advances could eventually bridge this gap...
"Curious if technology advances could eventually bridge this gap..."
That's an interesting thought. I've noticed online lenders are definitely getting better at streamlining the application process, but flexibility-wise... not so much. A client of mine recently tried negotiating a minor adjustment with an online lender, and it was like hitting a brick wall. Local lenders, on the other hand, seem more open to tweaking terms because they know the neighborhoods and market quirks firsthand. Tech might eventually help online lenders become more adaptive, but I think personal relationships and local knowledge will always have an edge.
"personal relationships and local knowledge will always have an edge."
I get where you're coming from, but I'm not so sure it's always gonna stay that way. Think about how AI is already personalizing stuff like insurance quotes or investment advice—couldn't mortgage lenders eventually use similar tech to adapt terms based on local market data? Sure, it might lack the human touch, but if it saves people money or hassle... would borrowers really mind? Just wondering out loud here.
Fair points, and I see why you're thinking that way. AI's definitely getting smarter at crunching numbers and personalizing offers, no doubt about it. But mortgages can get messy—I've seen situations where local quirks or personal circumstances made a huge difference. Tech might streamline things, sure, but when things go sideways, having someone who knows the local market and can pick up the phone to sort stuff out...that still counts for a lot. Just my two cents though.
