Who is the best on-line mortgage lender?

Question

We are ready to buy a house. Rates from on-line mortgage sites "seem" lower but do they have hidden fees? If you have had any experience with on-line mortgage companies please let me know your opinion.

Answer 1

I've had several loans through Ditech http://www.ditech.com and have been extremely happy with them. Highly competitive rates, reasonable costs, easy-to-read contracts and fast, efficient service.

Lending Tree http://www.lendingtree.com also has a pretty good reputation but unlike Ditech they DO shop your loan among a number of banks and brokers. This can lead to quite a bit of unwanted SPAM in your in-box if you're not careful. It may possibly save you some money though I can't verify that. The offers I got through them were no better than what Ditech offered.

Ditech is a direct lender and carries most of their own loans instead of selling them off on the secondary market. A loan through Lending Tree will almost certainly be sold off, possibly a number of times over the life of the loan.

Also, if you have strong credit Ditech will allow you to manage your own escrow for insurance and taxes. This will reduce the cash required at closing and will stabilize your mortgage payments though they may occasionally as for proof of payment of your insurance and taxes. They did ask me at the end of the first year on my current loan but have not asked for proof since then.

Answer 2

Some online lenders are reputable and do a good job.

Then there are the others. Some lenders will sell your information to other lenders, each pulls a credit score and your score can take a big hit. If your mortgage isn't processed in a timely manner, you could miss a closing date and find yourself forfeiting your earnest money. Online lenders are known to pull a bait and switch, promising good terms up front, and when the final docs come in, it is a different set of terms. Although they go by different names, there can be all sorts of fees attached, transaction fees, late fees, pre-payment penalties, etc., etc.

No matter where you go, compare everything, way beyond interest rate. Being an informed lendee will help you avoid mortgage regret.

Answer 3

Ok, those ads you see that have 4.5% interest rates or have rediculously low mortgage payments on a huge loan amount. Those are sucker ads, they are used to get you on the phone, what you don't realize, is that those rates they show are negative amortizing loans or interest only. Now every lender has fees, if you see something that promises no closing costs, they jump your rate and get paid on the back end of the loan. Find a mortgage broker, have him shop around for you, they get better rates than banks and they give you more options.

Answer 4

The very own loan lender does not desire your Social risk-free practices variety, account variety or economic corporation statements yet they do would desire to verify that the present got here from a family individuals member. even however you signed a present affidavit that does no longer instruct the present got here from you. they do no longer would desire to verify you had the money for any length of time, basically which you had the money obtainable and that the money got here out of your account. including your approval, your economic corporation provides a at some point photograph of your account exhibiting the money have cleared your account with the account variety the two blocked out or abbreviated. That way the concepts released is stored to bare minimum. without that, the present deposit would be undocumented and basically isn't counted.

Answer 5

I can't speak for other online lenders, but since I work for Quicken Loans, I can tell you about what us and why I think we’re the best.

Here are few notable highlights:

- We are America’s #1 online mortgage lender

- We have a 94% client satisfaction score

- We now have more than 5,000 home loan experts ready to help you

- 9 out of 10 clients say they’d recommend Quicken Loans to others

- We process loans in all 50 states

- We closed nearly $18 billion in home loans in 2006

Great statistics are always nice, but it really comes down to how you are going to be treated by your mortgage company.

We return all phones calls the same day we get them. That's so important to our CEO that he tells all new employees at orientation that if they can't return calls the same day they get them, they can't work for Quicken Loans. It's a simple thing and it's pretty much the law at Quicken Loans.

I’ve included a link to our About Us and Home Purchase pages and if you have any questions about Quicken Loans, feel free to send me a message through my profile.

Good luck on your mortgage!

Answer 6

You will not get the responsiveness and level of customer service you need from an online broker. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you

Answer 7

Please, do yourself a favor and don't trust a single online mortgage company! Not only are there hidden fees and scams, but they aren't credible mortgages! In other words, it will be much harder to be able to use the loan!

Answer 8

No one will lend you loan except bank