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Old 11-24-2007, 08:53 AM
 
1,886 posts, read 4,807,045 times
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Remember that they chose the name Abba to show up first alphabetically in the phone book, just like places like A-Advance Self Storage and AA-Accurate car service.

I just got a very fair deal on a mortgage from Bank of America right here at a local branch. I dealt with a guy who lives and works in town. I like that.

I took the GFE he gave me and compared it with all of the big online lenders (Amerisave, E-Loan) and everything was really close. I always assume that the online quotes have a little bit of "too good to be true" in them anyway.

BTW my BOA rep went from Application to Closing in 6 days. 6 DAYS. Try that online.
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Old 11-24-2007, 09:51 AM
 
Location: Raleigh, NC
12,475 posts, read 32,187,743 times
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Quote:
Originally Posted by Funky Chicken View Post
Remember that they chose the name Abba to show up first alphabetically in the phone book, just like places like A-Advance Self Storage and AA-Accurate car service.

I just got a very fair deal on a mortgage from Bank of America right here at a local branch. I dealt with a guy who lives and works in town. I like that.

I took the GFE he gave me and compared it with all of the big online lenders (Amerisave, E-Loan) and everything was really close. I always assume that the online quotes have a little bit of "too good to be true" in them anyway.

BTW my BOA rep went from Application to Closing in 6 days. 6 DAYS. Try that online.
Smart post, Funky Chicken!

Bank of America has been posting some great rates! Sun Trust has 'em too. It pays to check around but be smart about it. If Bank of America promises you something and they don't deliver...you can go to that branch and speak with your lender or his supervisor. Once you have your GFE and you get to closing and there is something that shows up that wasn't on the original, your attorney can call BOA and deal with someone with authority to do what is right and legal.

If you have some person who is online...what can you do? What can your attorney do?

I happen to know someone that paid for a website so that he can "broker loans". He works from his home, has no office and you'll never meet him in person. I'm not even sure what he is doing is 100% legal. Would I refer any of my clients to him, even though I know him, know where he lives? NO WAY. If what he is doing is legal, I wonder if its ethical, due to some of the stories I have heard from him.

Vicki
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Old 11-24-2007, 09:53 AM
 
Location: Raleigh, NC
12,475 posts, read 32,187,743 times
Reputation: 9450
Quote:
Originally Posted by North_Raleigh_Guy View Post
I have never heard of Abba unless you are speaking of the 1970's Swedish pop group. I would research them thoroughly just like you should any lender.

I do agree with some of the previous posters as I am not a big fan of online lenders. I have a couple of friends who got burned during their closing process by online lenders who dropped the ball. Deals can go bad whether you are using an online lender or not, but I prefer to have a lender in town who I can sit down with face to face to work out issues. I don't care if the in town lender knows me or my family. What I do care about is that he/she is accessible in person and not just by phone or email.

I'm sure many people have successfully secured loans online and I am equally sure brick and mortar places have fallen short in some cases. However, while I choose to buy books online using eBay and don't mind if the book doesn't get delivered in time from the anonymous online seller, I'm not willing to take the same risk when it comes to purchasing my home.

There is more accountability when you are dealing with somebody face to face IMO.


To each his own!
Speaking of music...I have Abba's "Dancing Queen" ringtone on my cell phone!!!

Vicki
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Old 11-24-2007, 04:00 PM
 
Location: Raleigh, North Carolina
306 posts, read 1,134,889 times
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Default A lender from Wilmington. Sounds fishy to me.

Perhaps their motto is " The Winner Takes it All". If your loan falls through then you could "SOS" to a different lender.
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Old 11-24-2007, 04:53 PM
 
Location: Raleigh, NC
12,475 posts, read 32,187,743 times
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Quote:
Originally Posted by Big M View Post
Perhaps their motto is " The Winner Takes it All". If your loan falls through then you could "SOS" to a different lender.
Thanks for that laugh! Don't mess with ABBA! The singers, that is!!!

Vicki
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Old 11-24-2007, 07:09 PM
 
354 posts, read 1,216,276 times
Reputation: 90
Suntrust Bank wants you to apply online and their rates for 30 year fixed conventional are 6% + 1 Point and closing costs.

B of A rate is 6.125 and 1.02 in points with no closing costs.

Abba is offering 5.75% +.75 in points with total fees of $795 and closing costs.

To me ABBA looks the cheapest, if they give you the advertised rate on their website.

The only way I would recommend B of A or Suntrust is if I was getting a kickback in kind/cash from them for refferal .

Last edited by ch123; 11-24-2007 at 07:28 PM..
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Old 11-24-2007, 08:47 PM
 
585 posts, read 1,542,684 times
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Default My experience with Abba...

I had posted somewhere else on these boards wondering if anyone had used them. I did submit an online application and received a call from a representative. He reviewed my application on the phone and was very personable (although they all seem to be). He reassured me that I would get everything in writing and mentioned that they go through major banks, and although he mentioned several, the only that I can recall right now is Suntrust. I am waiting on their GFE to make a comparison with some other lenders. I did see that they are licensed in NC and Tenn as well as members of their local Chamber of Commerce. I am really hoping to hear from someone on this board or through PM that has used them. I am seriously considering using them if I can get the best rate and lowest closing costs. This has been my experience so I will keep everyone posted if I end up using them. Have a great weekend!
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Old 11-24-2007, 09:42 PM
 
Location: Raleigh, NC
12,475 posts, read 32,187,743 times
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Quote:
Originally Posted by ch123 View Post
Suntrust Bank wants you to apply online and their rates for 30 year fixed conventional are 6% + 1 Point and closing costs.

B of A rate is 6.125 and 1.02 in points with no closing costs.

Abba is offering 5.75% +.75 in points with total fees of $795 and closing costs.

To me ABBA looks the cheapest, if they give you the advertised rate on their website.

The only way I would recommend B of A or Suntrust is if I was getting a kickback in kind/cash from them for refferal .
I'm not quite sure how you got unblocked but you will soon be re blocked!

However, again, you know nothing.

Rates that are posted are not usually TODAY'S rate.

Rates are based on your credit score so that the rate you see isn't necessarily the rate you get.

Its ILLEGAL for Realtors to get "kickbacks" from lenders. Actually, it could very easily land you in jail as its a FEDERAL OFFENSE and I'm pretty sure even you are not that ignorant. Oh wait, Yes. By your post, I see you are.

The lenders that I refer my clients to are not "online". However, if SunTrust has an online application, once its filled out, they would direct you to a LOCAL lender in one of their branches.

Again, you missed the point. Is ignorance bliss???

Vicki
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Old 11-24-2007, 10:10 PM
 
354 posts, read 1,216,276 times
Reputation: 90
Quote:
Originally Posted by VickiR View Post
I'm not quite sure how you got unblocked but you will soon be re blocked!

However, again, you know nothing.

Rates that are posted are not usually TODAY'S rate.

Rates are based on your credit score so that the rate you see isn't necessarily the rate you get.

Its ILLEGAL for Realtors to get "kickbacks" from lenders. Actually, it could very easily land you in jail as its a FEDERAL OFFENSE and I'm pretty sure even you are not that ignorant. Oh wait, Yes. By your post, I see you are.

The lenders that I refer my clients to are not "online". However, if SunTrust has an online application, once its filled out, they would direct you to a LOCAL lender in one of their branches.

Again, you missed the point. Is ignorance bliss???

Vicki
Ignoring you is Bliss!
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Old 11-24-2007, 10:14 PM
 
354 posts, read 1,216,276 times
Reputation: 90
I personally talked to Suntrust and B of A and the rates I posted are this week's rates.

Did not talk to ABBA!

And kickback does not mean hard cold cash! Maybe just a back rub! And I doubt one would go to jail for that. A dinner here, a paid vacation there and a day at the spa all taken care of.

There are a lot of unethical people and it is unfortunately not a crime to be unethical.
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