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Has anyone had any experience with Abba First Mortgage from Wilmington? We were looking at rates online and it looks like they have some of the best listed. I wanted to see if any of you could recommend them (or any other mortgage companies).
I can recommend a long list of local people who live and work in the local community, and do a fine lending job.
Online mortgage brokers often just cannot deliver.
After being burned personally at the closing table a few years ago, and seeing it happen to other people, I avoid them and prefer to stick with someone in a local brick and mortar setting.
All that said, I never heard of Abba First, and can't say "Aye" or "Nay."
"Brick and mortar" mortgage brokers can be bad too. The online guys don't have a monopoly on not being able to deliver. Almost all mortgage companies use online applications. Does that make them 'not able to deliver'?
I must say rates do look good at Abba. Lock in the rates and get a GFE based on the lock in rate so that you would know where you stand if you are comparing different quotes. If things change you can move to another broker. You should apply to at least two mortgage companies so that you can keep them honest.
With all the lenders that are out there today, I'd be scared to death to trust an online lender.
The two times that I had clients use online lenders were both horrible. Both times we did not get to close on time. First time was two weeks late and the second time was 3 days late.
The problem is that they can promise you anything but if they don't deliver, what will you do? You can't go to their office to complain. You may not even be sure if they are legitimate. With all the issues the lending market is having these days, I'd stick with someone that I can trust.
Thank you for the advice. We value your opinions.
If you were going to choose a local lender/broker for yourselves, who would you go with?
Thanks again!
I have a few lenders that I work with so I know that their rates and their fees are customary.
If you are buying new construction, the builder typically ties all incentives and closing costs to you using their lender and their attorney. Not a problem, as long as you get a GFE and have someone who is experienced in looking at these to make sure you have no junk fees involved.
If you have a Realtor that you are working with, I would think that she/he has someone they can suggest.
My own experience with a local bricks and mortar lender from my first house was a disaster, both in terms of purchase and refinance. The refi situation was a bank that was well known for being open on Sundays and having convenient hours. I think it's an exaggeration to be "scared to death" (and they say that I'm gloom and doom ) as Vicki mentioned to use an online lender.
What will matter in the end is the lender's ability to pass off the mortgage in the form of a securitized loan, period. How well they know your mom, sister, friends/relators in the community won't be terribly relevant. I would trust someone who's been in the business during the last housing corrections and survived, as they know what the deal is nowadays with tightening credit and will be sure that your loan goes through to closing. Anyone can pass a loan through when mortgages and real estate were a hot commodity.
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!
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) as Vicki mentioned to use an online lender.
