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If you are a first time homebuyer, online loans should be the last option. I know from personal experience that you need people who will be there to answer the many questions you will have when applying for a loan, and sometimes just sending an email or making a phone call won't provide the results you want. If you use a bank or any loan institution that you can actually walk into, you will be met at the door with brochures explaining the home buying process and you will be assigned an associate who should be there with you throughout the process. This person can explain what you can really afford and guide you toward the best loan option for your circumstances. Having applied for home loans online myself, I was often met with long forms that had little to no explanation with them as to what I was doing and very little customer service. Though I am sure that someone who has been through this process before could probably get through a home loan online with ease, and the process is much easier than going to a bank, someone with little experience and lots of questions (like most first time buyers) would probably do better to just go the old fashioned route with an institution that has been lending for decades.

Learn more about this author, Brooke Brassell.
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