Where is a good place to look for reliable information on Internet mortgage options?

Question

We're finding really excellent mortgage rates at some online mortgage places, and they send us good faith estimates and everything. We've been warned however that sometimes these internet companies will get to the closing and either have changed the rate, or pile on a whole lot of unexpected closing costs. Is there any way we can check these guys out before we commit? (e.g. the one we're looking at is Madison First Financial, aka Madrate.com

In response to the 1st answer - yes banks get away with it because you will sign anyway - or forfeit your deposit! If the extra money I'm going to have to pay is less than what I stand to lose ... Anyway my question was actually where I can look up reviews, etc.

Answer 1

In this digital age, Information is power. There are many lenders teasing you to apply with them. Here are a few tips to help you find a good deal.

1. Don't just apply with the lowest rate you see. Lenders have lots of money and have paid politicians to make sure the rules governing the industry stay vague.
- When applying for a loan (Car, Mortgage, or Student) you have the right as the consumer to shop around. The Credit Bureaus are supposed to count all inquiries for like financing as one credit inquiry providing they are within a 30 day time frame. This doesn’t always happen, but is the case the majority of the time.
- Your score will be different depending on the lender checking and the Credit Bureau checked.

2. There are costs involved with originating a mortgage. These can be broken down into 2 categories Lender fees and 3rd party fees.
-Lender fees are the charges the lender collects to process the loan. These fees will vary from lender to lender.
-3rd Party fees are the fees charged by the other parties involved in the transaction including Title/Escrow, Attorney, County, City, Appraiser, and Inspector. These fees should be pretty close no matter who you go with.

3. You have the right to receive a copy of the estimated closing statement the night before you sign papers. If you do not have a deadline to close, don't let the lender force you.

4. Walk out on the deal. If you are not involved with a purchase transaction and are not under contract to close by a specific date you don't have to sign the papers.

5. If you have concerns:
-Work with a large company that has been around. They probably aren't going to disappear on you overnight.
-Work with a local Lender/Broker
-Ask a friend who was very happy with their lending experience who they used.

There is always someone willing to do the loan for less.

~Danke Schoen

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Answer 2

The best way to protect yourself is to get the deal(s) in writing. Not just a Good Faith Estimate.

Get the actual "Loan Approval" in writing, not just a "Pre-Approval". When they offer you a rate that you accept, tell them to lock it and show you the "Lock Agreement" which will show you the rate and the legnth of time the rate is locked.

I have seen online lenders quote rates under the 10-15 day locks, when the closing dates were at least 30 days away. That will cost you extension fees.

As far as reviews, that will be difficult as most reviews are "hear-say" and not always accurate. People hear about other peoples rates and fees and always claim they got ripped off even though they don't know the actual credit scores, income documentation, amount of down payment or loan program that people are talking about.

Also, when it comes to points, sometimes people want to "Buy Down" their rate. It isn't always the lender that is charging these fees just to profit.

Answer 3

The only way to protect yourself against this is to apply for a back-up loan, if you can find someone willing.

At sign up, you have all the power. You don't apply, they make nothing. Since there are very few regulations about lenders piling on the blarney, most will basically tell you anything it takes to get you to sign up, although a few *will* guarantee their quotes in writing. If they won't guarantee the quote as to loan type, rate, and total costs, they haven't really got it. They're just telling you what it takes to get you to sign up.

At document signing, they have all the power, particularly on purchases, where if you don't sign these documents right now, you lose the property and your deposit.

But if you have a back up loan also ready, you can tell the liars at your primary company to take a hike. If both companies try to hose you, you can play them off, one against the other, because the one you don't sign documents with makes nothing for all of that work.

Answer 4

Located in Southern California, perhaps not not even close to the Mexico edge, San Diego may be the oldest community in California, established in 1769 and if you wish to know an area with an enchanting natural splendor and a pleasing weather, with moderate temperatures and a lot of sun with hotelbye you need to start. In San Diego you can visit: museums, gardens, Spanish Colonial style structure within Balboa Park, the entire world popular San Diego Zoo, and the Midway Aircraft Carrier Museum. SeaWorld San Diego is one of the city's major attractions, particularly for families. It is found along the waterfront in Mission Bay. For all American's SeaWorld has been a long time family convention, having existed considering that the 1960s. On the list of highlights will be the myriad of reveals presenting monster whales, sea lions, dolphins, and different sea life. There are all kinds of trips from roller coasters plunging in to water, to more sedate carnival type rides for tots. SeaWorld is definitely an aquarium that enables for close-up discusses sharks and different sea animals that may be seen through an acrylic tunnel, along side touch tanks, and close encounters with dolphins and people of tidal pools.

Answer 5

You risk this with all lenders. A client of mine was working with one of the countries largest (starts with a C and ends with wide,) and the banker was charging her 6 pnts in closing costs!!!

Work with a couple and if things change when you get to closing, walk away. Bankers get away with the whole "switch and bait" because they think people will sign anyways. Prove them wrong!

Answer 6

Almost sure that you will find all financial solution at= loandirectory.info-

RE Where is a good place to look for reliable information on Internet mortgage options?

We're finding really excellent mortgage rates at some online mortgage places, and they send us good faith estimates and everything. We've been warned however that sometimes these internet companies will get to the closing and either have changed the rate, or pile on a whole lot of unexpected closing costs. Is there any way we can check these guys out before we commit? (e.g. the one we're looking at is Madison First Financial, aka Madrate.com

Answer 7

Be careful with online lenders. If you would like please contact me and I can discuss your situation. I am a full service lender.
It is better to speak with a loan officer that way your are on a personal level.
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Answer 8

http://www.unclaimedhouses.com