Online Mortgages

[ThingsGottaChange]

Has anyone gotten a mortgage from one of the online places? Ditech, Eloan, Quicken, etc? If you have, could you please share your experience? Horror stories or good stories. Thanks so much!!!

J

[MissWaverly]

1. You're better going with your local banks

I got one and it was just crazy for a refinance, I don't have a huge mortgage but I paid a
huge fee to refinance and they referred me to the local slimeball lawyer for the refinancing
deal and I had to go through it twice. It was a total bummer.

[Kingshakabobo]

5. Local banks CAN be the way to go......

.....or ask a friend and/or local realtor for a referral. I recommend the friend route because even some realtors are looking for kick-backs. That's why I won't deal with most realtors.

[INdemo]

2. Stay away from them.... .period

they are nothing more than legalized loan sharks..
Now with that said.....the Lending Tree is basically a brokerage firm that finds a bank to lend you mortgage money..Many local mortgage brokers use this same type of service only they also charge a brokerage fee,which in the last few years has gone up because new laws have allowed less restrictions.

[Kingshakabobo]

3. Lending tree is a rip-off. They charge the lender sizable fees for ...

....leads. IIRC $500-700 per closed loan. Guess who pays the fee.........the consumer in either higher rate or higher fees.

Like any other mortgage loan it costs more in fees, percentage wise, to borrow smaller amounts than larger amounts and it certainly doesn't help that your broker has to kick-back to lending tree for all that advertising they do.

[INdemo]

8. Oh but I didnt say they were good

Its just best if a borrower stays away from all of them. They are loan sharks. And the number of these loan shark type lending firms increased 3 fold when * took over.And the truth and lending laws were ammended and really favor the lender more than the borrower.

[Kingshakabobo]

4. Ditech are notorious crooks........(owned by general motors)

......I can't for the life of me, understand how they get away with the dishonest advertising. They advertise a 30 year rate a quarter to a half point below market and SAY they don't charge points........but if you look on their website, the rate they advertised on TV requires you paying two points. Of course, they will do a loan without points but at a higher rate....that rate ends up being a quarter to a half point above market.

It's a class-action suit waiting to happen.

They are known for being slippery with their disclosure of fees and hoping the actual fees get lost in the shuffle because most of their clients are doing "cash-out refis" so they don't "miss" the extra money when the notary shows up to the house AND the customer is usually desperate.


BTW, I'm a mortgage banker. Way back when, before I was in the business, I applied to them for a 25K HELOC(home equity line of credit)...I could never get a straight answer out of the phone rep. Two weeks later a notary showed up with loan papers for a fixed rate 100k loan that I didn't need or want. I threw her out.

[ThingsGottaChange]

6. This is quite informative!

I knew Ditech had a bad rep. And I just didn't feel right doing something like this "online". But, I wanted to hear others' experiences.

Thanks so much for the input so far!!!!!!!!!

[Kingshakabobo]

7. Ask me anything. It's what I do for a living.....

:)

[Jersey Devil]

9. Not with mortgage brokers, but got one direct from a bank online

countrywide.com

I was very satisfied with them.

[Kingshakabobo]

10. Countrywide is a very reputable company....but as always....

Buyer beware. Shop around and work with someone you feel comfortable with.

Countrywide is definitely a market maker. The only drawback is they have a lot of overhead in their retail channel. Sometimes, you can get a better deal from a broker that receives their wholesale rates- if you want to penny-pinch.

[ThingsGottaChange]

11. Maybe we will check with Countrywide...

if things don't pan out at the bank. We applied there today and should hear something in the a.m. My partner has banked there forever. The really scary thing is that we were pre-approved by Amerisave today. I shudder to think what it would actually cost us if we accepted their non-conventional loan.

The main problem is that my credit is not good at all but, my partner's is excellent. We are also both on Soc Sec Disability. But, I get a good additional income as a Medicaid provider to him. So, I'm hoping that with our good income the bank will overlook some of my past mistakes.

Wish us luck!

[Kingshakabobo]

12. I would stay away from Amerisave.....They SOUND crooked...

and I don't know them. They sound like big fees and big upfront points.

If you can get approved by them, most time you can get approved by Fannie/Conventional if you have a loan officer who knows what they are doing. Fannie Mae has some expanded approval programs for less than perfect deals and they STILL beat the pants off those sub-prime deals and not get gouged.

The trick is do deal with someone who has access to Fannie Mae Desktop Underwriter-DU. The credit decisions are made by DU based on input information. DU you can be forgiving as Fannie Mae's job is to put people in homes-American dream and all that.

I'm going to pm you my email.