any luck with ditech or linux financial?

Question

I want to refinanace out of an 80/20 into a 30 year fixed and was wondering if comapnies like linux financial and ditech are scams or if they are really a good deal. Any advice would be greatly appreciated.

Answer 1

your 80/20 may be 30yr fixed mortgages.
you can look into FHA rate/terms for low rates...and 1 loan instead of 2.

the problem is that ditech and other online lenders dont offer government loans

Answer 2

I've had several mortgages with Ditech, the on-line arm of GMAC Mortgage. They're a major player in the industry. I've always had excellent customer service with them and would do business with them again when I buy my next home later this year sometime.

I don't know if they do 80/20 splits. If you have strong credit, they WILL waive impounds and let you handle your own property taxes and insurance.

Answer 3

I have never heard of Linux Financial.

Ditech is owned by ResCap, which owns GMAC and HomeComings Financial as well as GMAC Bank. All are subsidiaries of GMAC Financial which is half owned by General Motors and Cerberus Capital (who also now owns Chrysler).

Answer 4

I refinanced with Ditech last year, and the service was excellent. The rate was the same as they quoted me online, they even came to my house after working hours and got all documents signed. I didn't have to drive and look for the loan office, I recommend them.

Answer 5

You are more then likely dealing with someone local or at least in your state. Their commercials are somewhat misleading and they only have options that GMAC offers, because that is who owns Ditech. They have to pay for the commercials on TV somehow and generally that is to pass on the cost to the customer.