Has anyone ever used an online mortgage site like Lending Tree/Lower My Bills?
Are they trustworthy or are they a scam and why?
Thanks!
2006-12-06 16:10:33 · 6 answers · asked by DRNoraSarasin 3 in Business & Finance ➔ Renting & Real Estate
They are OK, except you are relying on a company to recommend a lender to you. The problem is that the company gets paid for each referral they sell your information to and they have little regard for whether or not you get the best advise on a mortgage or even a good deal. Also, many of the companies that buy these leads are filled with inexperienced telephone marketers that really know very little about mortgage lending - they just try to sell you their "product" to make a buck.
A better bet would be to go to a reputable mortgage broker that has been recommended or that you have found on your own and do some research into who you are working with.
www.fnmshome. com is my site and can give you a start on basic lending info, then find someone you can trust to treat you right and has a few years of experience. Takes a little more footwork on your part, but well worth it
2006-12-06 18:44:35 · answer #1 · answered by walkinandrockin 3 · 1⤊ 0⤋
Be aware that LendingTree and Lower My Bills are not mortgage companies. They are lead vendors. You submit your application information and they sell it to lenders who compete for your business. I know because I've been buying LendingTree leads for years.
Now what happens once a lender calls you is entirely a different thing. Like some of the other posters suggested, not all lenders have the same integrity or morals. I hate it when I quote someone an interest rate commensurate with their credit, income, etc., and they tell me XYZ Mortgage quoted 1-2% lower! What that tells me is that XYZ is doing the bait-and-switch, but I have no way of convincing the borrower. If I was in the borrower's shoes I would probably go with the lower offer also. But what most borrowers don't know is that interest rates are pretty much the same everywhere, and your credit/income will determine what your interest rate is, for the most part.
Sorry, got off on a little rant there, but I think it's important information. My advice--call a few mortgage lenders in your area, get some referrals from friends/family, and go with the one who gives you the best, most knowledgeable, and most complete answers.
Good luck
Rick
http://www.fairwaymortgagelending.com
2006-12-07 02:25:05 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You sound pretty intelligent except for the part of wanting to deal on line for a mortgage. First..Fixed rate mortgage for 30 years, If you had money, would you tie it up for a fixed rate for 30 years?, What if inflation got bad in that time and eroded the value of your money? Long terms interest rates reflect the uncertainty of the future, So don't expect cheap rates for that time frame. Stick with a Bank you trust, or a mortgage broker that you can talk to at his office and find out about all the fees you will be resposible for and have contact with the Better Business Bureau to see if they are a problem lender Don't deal with any company that you haven't been in their office talking face to face before you decide...Low rates can be as deceptive as their storey and as dangerous as ARM loans.
2016-05-23 02:48:40 · answer #3 · answered by ? 4 · 0⤊ 0⤋
We used Lending Tree and got a whole lot of lenders reply to us. We ended up not using any of there's and went with one that the Realtor has used before and we are pleased with it. Two of the lenders from lending tree did try a "bait and switch" with us so.... Make sure that no matter what you do check out the one you choose very carefully and get quotes from a few and use them to get the lender of your choosing to get the best deal you can. Remember that they work for you get the answers you need.
2006-12-06 16:37:07 · answer #4 · answered by JJB H 1 · 0⤊ 0⤋
I work with lowermybills.com I have helped many people refinance and purchase homes. I am with consumer real estate finance co. check us out online at www.crefco.com. I am licensed and work with the states of Flordia, Ohio, Michigan, and California.
Now you still can use lowermybills.com if you are from another state it is very helpful to give you many quotes and know you are getting the best programs.
Call me if you are in Flordia, Ohio, Michigan, or Cali for a free no obligation quote! toll free 888-526-5001 ext 772 ask for Lindsey!
2006-12-07 07:30:52 · answer #5 · answered by Linds 3 · 0⤊ 1⤋
I am a mortgage broker and I have been solicited to buy lower my bills leads. They sell to multiple lenders. Watch these large online companies. I can't tell you how many clients who have used them were surprised at the number of calls they received.
Do your research.
I have info at my sites.
http://www.azspotlighthomes.com
http://www.myarizonahomemortgage.com
2006-12-06 16:16:24 · answer #6 · answered by homes_az 2 · 0⤊ 1⤋