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Old 04-06-2015, 06:55 PM
 
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Such as Lendingtree.com. Do they offer better deals than traditional lenders such as Wells Fargo, etc.?

Do you deal with them via emails and phone?

Do you recommend it?
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Old 04-06-2015, 07:16 PM
 
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Don't do it. All you are doing is signing up to be harassed by those trying to market the service. Google the reviews, they are not good. Call a few reputable banks or sit down with a person.
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Old 04-06-2015, 08:05 PM
 
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I did an online search and based on what I have seen, online is the least expensive method of getting a mortgage, even though there are cons, such as not getting great customer face to face service.
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Old 04-07-2015, 08:51 AM
 
Location: Fuquay Varina
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Originally Posted by Quaker15 View Post
I did an online search and based on what I have seen, online is the least expensive method of getting a mortgage, even though there are cons, such as not getting great customer face to face service.

We did our original loan through lending tree. Got connected with a great bank and even did our refi through them later since they already had our info.
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Old 04-07-2015, 09:17 AM
 
Location: Denver CO
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I did a refi through Lending Tree a few years ago. They aren't not the lender, they are a service that connects you with individual lenders. There is a flurry of activity right at the start when all the potential lenders contact you. But once I had rates and terms from everyone, I picked the one I wanted to go with and told the other ones I would be using someone else.

The lender I worked with was fine. Things with smoothly and the closing was on time with no problems. Ironically, that wasn't the case in both of the home purchases I did with local people - both of them had some serious hitches on the lender's side. They ultimately got resolved but not without a whole lot of hassle and drama along the way.
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Old 04-07-2015, 11:20 AM
 
Location: Phoenix, AZ > Raleigh, NC
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I've done several refi's with online lenders - but did NOT go through Lending Tree. I decided which online service I want to use. It's been years, but I used aimloan.cam and was very happy with the service, results and pricing.

That said (and this is important), I used to BE a mortgage sales person. I knew what I was doing. Would I recommend it to somebody who needs any hand holding whatsoever? Would I recommend it for a purchase? Almost definitely, NO.

And would I use Lending Tree, who is simply a gathering source of leads, then resells them over and over and over, or any other such service? ABSOLUTELY NO.
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Old 04-07-2015, 11:46 AM
 
Location: New York
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I was a Loan Officer in my former life....

If all your ducks are in the right order, a credit union is my recommendation. They traditionally have the best rates and terms (No designer Loans). Though if any issues come up after the application - the loan is dead. Money spent before closing, for example an appraisal can be lost. < Don't that scare you, if you are a smart and organized person, should have no problem.

Next are conventional lenders like Wells Fargo (< top of list), BOA, Chase, City bank, One West. If you have slight credit problems, or value issues. These lenders can offer different loan programs, plus there more hands to provide better servicer.

I have observed larger servicers keeping more loans with borrowers who pay on time. As soon as there is one late payment. It can be said they are cooking their books, to attract new investors. Loan gets sold to smaller servicers like Apex, Santandar, Bayview, Cendant, Setarus, Springleaf. Larger lenders clear their books of default loans and sell the smaller servicers.

Lenders have found a lopo in bank law - the 2010 Frank Dodd Act to protect Borrowers went into effect in 2014. Smaller servicers do not have to comply with the same guidelines as larger servicers do. Example - A lender with 5,000 loans do not have to follow to same rules as a lender with 10,000 loans.

Near the bottom of my list is Lendingtree - a website that sells your information (lead) to brokers or (smaller direct lenders). They originate - the loan is sold before the ink is dry on the closing documents. The only benefit I see is when a borrower is bigger issues, going to a smaller lender that doesn't have to comply with the lender rules of the Frank Dodd Act.The can broker the application between different lenders. The number one complaint I see is information is sold to multiple lenders. Who each run their own individual credit report (HARD PULL). That causes the score score to lower. There are many complaints via GOOGLE.

Good Luck




.

Last edited by Modification Specialist; 04-07-2015 at 12:07 PM..
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Old 04-07-2015, 12:15 PM
 
Location: Phoenix, AZ > Raleigh, NC
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Quote:
Originally Posted by Modification Specialist View Post
..


Next are conventional lenders like Wells Fargo (< top of list), BOA, Chase, City bank, One West. If you have slight credit problems, or value issues. These lenders can offer different loan programs, plus there more hands to provide better servicer.


.
Modification Specialist, we usually agree, but this time, no, sorry, we do not.

I'd say that WF, BOA, Chase, etc. are the last places I would go to. If one doesn't know what they are doing, find a trustworth, independent broker who is experienced to help you sort it out. If they place the loan with one of these banks, fine. But I wouldn't trust one of the bank employees in those places for a minute.
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Old 04-07-2015, 01:36 PM
 
Location: New York
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Originally Posted by Jkgourmet View Post
Modification Specialist, we usually agree, but this time, no, sorry, we do not.

I'd say that WF, BOA, Chase, etc. are the last places I would go to. If one doesn't know what they are doing, find a trustworth, independent broker who is experienced to help you sort it out. If they place the loan with one of these banks, fine. But I wouldn't trust one of the bank employees in those places for a minute.
You are absolutely correct!!! A person with no knowledge or experience with mortgages, it could be their advantage to find someone to hold their hand. Unless a person understands the process, it can be pretty grueling. But at the same time finding and using a dishonest broker can be to their disadvantage, being charged junk fees, higher interest rates, especially higher YSP (getting banged on the back-end....).

It is to the advantage of the OP to start a notebook, to take notes and learn about mortgages. Starting first by understanding what banks initially look at Credit, LTV and DTI to determine what loan programs a borrower could be approved for.



..
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Old 04-08-2015, 06:47 AM
 
2,409 posts, read 2,488,355 times
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If you want to find a competitive lender, use Zillow.com, then discuss the terms with the loan officer from the lender you select.
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