online mortgage ? (1 Viewer)

alaskabucsfan

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Has anyone ever used one like lending tree quicken ect. was it any better then going to a local bank.
thanks for the info.
 

Pure Energy

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Has anyone ever used one like lending tree quicken ect. was it any better then going to a local bank.
thanks for the info.

I have used both. My preference is a local lending institution (if I can get a rate within 1/8 of a point of the on-line rate). My personal experience and that of friends/family is not good with Lending Tree.

I'm looking to refinance and I plan to evaluate Ditech (GMAC mortgage) and the major banks.

Something else to look at, if you work for a large company an employee benefit that's not always that well known is a better rate or a waived application fee with a preferred lending institution--check your employee benefits.


btw...Did you notice this is a Saints Fan Forum? :bandg:
 

FWtex

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I am glad someone asked about this. Lending tree is a perception based on marketing, THEY ARE NOT A LENDER! This pertains to all those name brand online lenders that are not banks themselves.

I cringe everytime I see these commercials when they say lenders will fight over the opportunity to provide you the best mortgage loan. Its MISLEADING. A long list of lenders do not see your application and undercut the others to get your business.

Here is what they do.

Lending Tree, e-Loan, etc are LEAD generating services that sell your application to a broker. The broker then places the loan with one of the lenders he works with. Most of the brokerage operations they have are large operations with "phone officers" who may work 30 loans at the same time thus you will often hear compaints of not being able to reach your "phone officer".

The bottom line is you can get the same or better mortgage with a local person and you will have a person you can sit down with and chase down if you have concerns or something goes wrong.

Also, I would check a local independent broker as well as a bank. Especially now, the retail banks are tight on their loans whereas a broker can sometimes go through the same banks wholesale door and beat their rate or they can use a mortgage bank you do not have in your local community. Its a strange business but that is how they make it work.
 
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alaskabucsfan

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thanks guys
and yes i know this a saints board,but there is not a question you can't get a answer for here.
 

4saintspirit

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Lending tree is a good place to go for some people who do not have a real good creidt history -- it saves time from trying to find lenders (especially in this market) willing to take the risk for those -- and you can usually get better rates cause they know there will be competition versus a local institution who finds one desperate -- Otherwise the best place to start is with your normal banking institution where you have a history -- but someone mentioned Ditech -- they have been advertising some very attractive rates -- I may even look into that one
 

FWtex

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Lending tree is a good place to go for some people who do not have a real good creidt history -- it saves time from trying to find lenders (especially in this market) willing to take the risk for those -- and you can usually get better rates cause they know there will be competition versus a local institution who finds one desperate -- Otherwise the best place to start is with your normal banking institution where you have a history -- but someone mentioned Ditech -- they have been advertising some very attractive rates -- I may even look into that one

Disagree. You have been caught into the advertising. See above.
 

jazzjack

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Lending Tree is ok. The lenders they deal with often give them better rates than the lenders themselves advertise. You can shop and negotiate with them at thew same time. Local lenders are fine too. I just caution you to make sure you have a reliable lender that can close and fund the deal. 226+ lenders are now out of business. Alaska Federal Credit Union is still up and running I believe. Note, I have 26+ years in the mortgage business and I wouldn't steer you wrong.
 
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alaskabucsfan

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turned the paper work in at wells fargo going to try for a Hud 184 loan if i can.If all else fails well try online.maybe ill trust you jj lol
 

jimwnola

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Yes. I used an online Mortgate the 1st time, which worked out fine. I shopped online the 2nd time, knew all the rates,found the best rate availble, and the realtor's mortgage broker matched the rate. So, I went with the "local person" the second time. When it came time for the closing, I noticed what was referred to as an "error" in a fee, which got corrected. Both worked out fine in the long run. So, carefully read all fees invloved in the APR and make sure they stick to what they said.

Bottom line, shop around. Shop multiple online services. Read everything carefully and figure out the real APR for each lender so you can make a fair comparison. Go with whoever is the cheapest. After the few months around the sale, all you will be left with is a mortgage note that will last for years and years. The original lender will likely sell the mortgage regardless. The only thing that will matter in long run is how cheap of rate you got and how much money you will save.

People will fret for days over the price of house and then spend little time on the mortgage, which over 30 years can save you thousands and thousands of dollars.

Anyway, don't just rely on one lender. Research on the internet. Use multiple online services, which will lead link to others.

Ones to consider included eloan, etrade, quicken, lending tree, and others I can't remember. The 1st time, quicken led to my best option, the second time I was going to use etrade until matched by the local lender. Most of these services allow you to figure out if you will be likely be approved, your APR and set forth all the fees, before you pay anything or are under any obligation. Therefore, there is little to lose in shopping around.
 
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St. Widge

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I've done both. Both worked out fine, but I ended up with a better rate from lending tree. They don't "bid" on the rate, but you get rates from several different lenders. When I used Lending Tree, their lender beat the rate I got from the local bank. The key is to shop around.

Most times the companies that work with lending tree are really just brokers. They make the loan and then sell it to a larger bank. In my case my loan was sold to Wells Fargo Bank. It's really no big deal. Even when I dealt with a local bank everything was done by phone except they had a loan officer at the closing. With lending tree, they just Fed Ex'd the documents to me and the closing attorney handled everything from their side. They are just as responsive to phone calls at that point since they are motivated to get the loan.
 

Rob Beaux

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Did lending tree and ditech BUT in the end I went with ING. Better rate and no escrow. I "self escrow" for taxes and insurance which may not be for everyone. One other note, the lending tree or ditech guy was a pain in the butt. He kept calling to check on which plan we wanted. They are salesmen so expect that routine.

ING has great customer service adn very little paper work at closing.
 

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