Are there any good websites out there with advice on Mortgage Lenders? I came across mortgage-lender-reviews.com but they haven't reviewed the bank I'm looking at.
2006-11-07 09:21:33 · 5 answers · asked by Jay 2 in Business & Finance ➔ Renting & Real Estate
Why do you find it important to know about the lender that does your home loan?
All mortgage lenders are governed by mostly state and federal laws.
Are you looking for a rating on the lender or mortgage broker?
Well which ever you are looking for and no matter who eventually does a loan for you. I am willing to bet that before the loan ink dries that the loan will be sold to someone else and before the month is through you will get a piece of mail saying ABC&D purchased your loan. Please make your monthly payments to the company listed on your payment booklet inclosed.
I am also clear that the person sending you that booket and mail are not your lender either. I am willing to bet that that person simply will be servicing your loan for the investor that puechased your loan.
Even if you get a letter with a payment book from the person that you went through to get you loan, they are now merely acting as the servicing agent for the investor that purchased your loan, 24 hours after it was funded and your escrow closed.
I was am a mortgage broker that assisted in securing a loan for a lady that was fed up with her lender and the tactics they were using in trying to get her to refinance her home. I took her application, she was very adamant about not having her loan under this lender.
I told her that I could not guarantee that this would not happen but if she wanted to refinance for that reason and that reason alone, she had to sign off on a disclosure that I made especially for her, that was I could not controll nor did I know who her loan would be sold to on an open market.
Well we did the refinance, closed the loan, guess who purchased the loan once all the dust had cleared. About 10 months later the same person that had been her servicing agent was now here servicing agent once again, because the loan had been sold to the person she previously had.
Investors do not purchase loans by name, state or city, they purchase by interest yield. So they might request any and all loans to 1000 with a rate of 6.5% with more than 25 years left for payments to be made.
So checking out a mortgage lender or bank will, only serve the purpose that they are in a data bank.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-11-07 11:29:42 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
The above is good information. You should focus your efforts more on finding a lender that is best for your specific loan scenario. This is easier said than done.
Lenders often specialize in "niches" (due to their specific guidelines and investor relationships). For example Lender A may have a better rate for borrowers with 680 credit scores than Lender B. However, with a 650 score, lender B could be offer a far better rate than Lender A.
Most lenders will be able to offer you a mortgage, but you want to make sure they are competitive for your scenario and not just "fitting you in" somewhere.
This benefit of working with a good mortgage broker is they will find the best banks for you, cutting out serious time and effort on your part.
2006-11-08 16:01:03 · answer #2 · answered by robert_byrne 2 · 0⤊ 0⤋
For Credit and finance solutions I visit this site where you can find all the solutions. http://FINANCEANDLOANS.INFO/index.html?src=dghfvCG00
RE :Where can I find Home Loan Reviews or Lender Reviews?
Are there any good websites out there with advice on Mortgage Lenders? I came across mortgage-lender-reviews.com but they haven't reviewed the bank I'm looking at.
1 following 4 answers
2016-12-04 04:10:10 · answer #3 · answered by ? 6 · 0⤊ 0⤋
Pretty sure that you must find all financial answer at= loandirectory.info-
RE Where can I find Home Loan Reviews or Lender Reviews?
Are there any good websites out there with advice on Mortgage Lenders? I came across mortgage-lender-reviews.com but they haven't reviewed the bank I'm looking at.
2014-09-03 22:59:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
go onto www.lendingtree.com and that might help
2006-11-07 09:28:43 · answer #5 · answered by buzz kill 3 · 0⤊ 1⤋