Does anyone have experience with on-line mortgage lenders? The rates quoted online are well below what my local banks can offer. Believing there is no such thing as a free lunch, I am skeptical these online institutions can offer such a discounted rate. Does anyone have an experience they can share, good or bad? Thanks very much:TU:
I can only tell you of my bad experiences from 5 or more years ago. They ran a credit check numerous times, and it took over 6 months for me to find out that I did not qualify with them. I think it was Eloans or something. A very big company at the time. I was wanting to build my dream home at the time. I had the property bought and had a builder ready to go. They had changed their story many times during the six month delay. I had to deal directly with the manager. We finally went locally and was approved within days. The dream home was finally built and on with life we went. It sounds great when you see the lower rates. I am sure they can save some people money. I personally would go local. I recall how I had to mail back and forth documents. If it took too long to get to me, they had to send it again. It really was the worst six months in my life. If you do hear from someone that has had a good experience, grill them and ask a lot of questions. Check with friends. You can always find someone that has had a good experience on refinancing. Good luck, Rick Henderson
Wifey and I just did this last week. She has a degree in Accounting and a degree in finance. Works as a financial analyst. I'm talking big gearbox. When she looked into the offers from 3 companies associated with Lending Tree, neither of them were as good as our current mortgage lender overall. None of them would allow us to keep a home equity line of credit with another institution, and they all had pretty hefty app fees and processing fees. Don't just go by the rate alone, get the big picture. Look in the real estate section in Sunday's paper. It should list local banks and their rates and deals.
