Question by Indian Fan: What is the best Internet mortgage company to use when refinancing or purchasing a new property?
Answer by flamingojohn
Why use an internet company at all? They don’t have any better rates or programs than anybody else. Just call 2-3 brokers and get their quotes. Only compare rates and lender fees in the 800 section of a GFE.
Add your own answer in the comments!
None. Use someone you trust or get a referral. If you have really good credit and a credit union account set up- they have pretty good rates, but be careful shopping around, the more you pull your credit the more you can hurt your score.
lending tree and a bunch of other companies are just lead generating websites. I know because they call all the time trying to sell me leads! You’re basically putting your info out there to be contacted by people who might rip you off. If you want an honest LO I can recommend myself. I don’t bait and switch- what you see is what you get. Let me know if I can help.
Just be careful with online mortgage companies- it’s a good way to get ripped off!
i would use the following websites to investigate the best interest rates: http://www.bankrate.com and lendingtree.com. Also, compare them to the traditional groups such as bank of america, washington mutual, etc.
I would never use one for a purchase. Heck, I wouldn’t use one for a refinance either. Shop locally.
Do not use the internet for a mortgage. Find a local broker that you can sit down with face-to-face and conduct your business that way. As a mortgage broker, I have seen over and over again where people have gone online for a mortgage and they got royally screwed by doing it. How? How about these items:
1) getting a “No Closing Cost” loan with a 30-yr fixed rate of 7.5% with good credit. Current 30-yr pricing is at 6%.
2) paying WAAAAY to much in fees. I have seen origination fees of 5% on loans of over $ 200K. That is simply too much.
3) ending up with an ARM instead of a fixed rate
4) not getting the interest rate you were quoted
5) not being able to talk to the same person that you originally dealt with
Look, you are talking about a lot of $ $ $ here and you should be able to see the person you are dealing with. That’s my belief.
NONE, the best advice is to shop around with reputable banks to get the best rate for your home. thats like putting a big sign on ur head that says “PLEASE RIP ME OFF I HAVE NO KNOWLEDGE” even if u dont know much about mortgages as a consume u should educate y ourself, google info and inform yourself so you dont get ripped out and get stuck with an adjustable rate, the rate will inflate where as a fixed rate will be fixed for 30yrs. research is the key to getting th ebest deal.
I always suggest http://www.LeoLends.com for fair and honest mortgages
I am just going to add my voice.
Do NOT do any kind of mortgage what so ever online or over the telephone. Only work locally with someone you can trust.
There is a ton of identity theft and freud out there, you are asking for trouble.