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Roger Schlesinger's Four Points
reset and finally they extended the $8000 homebuyers tax credit. ... Mortgage refinance Ditech Countrywide FHA "Fannie Mae" " ...
ditech refinance idea?
did anyone else try ditech and listen to their pitch? I was very dissapointed that they couldnt give a better rate than my bank, and they had just as much costs, and their rate was HIGHER !!!! I feel this is false advertising on their part and they are not dealing with the public in good faith. they wasted my time and now I have heard its possible they pass your information on to others? has anyone filed a complaint against them yet??? just my question...I also heard that the "glowing" reports about ditech on yahoo answers are not from real customers....???
what was the rate you got?
Ditech, Quicken, Wells, Countrywide...you can speak with hundreds of lenders and hear lower and lower rates, but if you compare apples to apples (interes rate and closing costs,) they're all going to be right around the same, maybe different by about .125%. Big deal.
A mortgage is one of the biggest financial transactions you can do...shop for customer service and reputation. Don't be a bargain-basement person who ends up taking a "low" interest rate and paying thousands in closing costs for it because you were too focused on rate. Or end up on a negative am loan!
they have put many people in the places they are now, about to lose their homes, and their new line of commercials are all about helping those same people out of trouble. run from them.
Is Ditech a good way to refinance?
Are they reputable or is it all TV commercial?
THEY ARE REPUTABLE AND YOU WILL PAY BUT NOT GET RIPPED OFF . A FRIEND OF MINE WENT THROUGH THEM LIKE 4 YEARS AGO AND HE IS HAPPY .
Has anyone used Ditech.com for a refinance and can offer thier opinion?
"Buyer Beware" is a good peice of advice with them. I too have had a client use them, and there were a tremendous amount of hidden and junk fees, as well as a higher rate. You'd be better served finding a reputable mortgage broker to handle the transaction BEFORE you find one to get you out of what they did to you.
Good Luck!
Always beware the 'hook' ads.
What is the best way to refinance a mortage?
I currently have a fixed rate of about 12%, and I was wanting to see what my options were for refinancing. Can I trust such online services as Ditech.com or Loantree.com?
The last response is correct...you need to have a professional look at your situation.
The main key everyone out there needs to remember is that every person in america have different finances, employment, credit, bills, etc. Each and every person qualify for something different. On top of that every lender has diffeent guidelines in which they lend money..
My advice is that you work with a company that is partners with multiple investors. There are a couple reasons i suggest that:
1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. They then can find the best of the offer, and allow the investors to compete for your business. This means lower rates and costs for you!
2. If you on your own call multiple banks to see what you qualify for, each and every lender will have to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..
So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..
As for the question about Ditech, and lendingtree, these are companies that you will end up paying much higher closing costs, and interest rates as well. The other thing is that they take tremendously longer to close your loan. Being that they are online companies, they do not service your loan. They sell your loan 30 days after they close it for you. I would suggest working with a BANK that partners with multiple lenders to bank all loans IN HOUSE!!
My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. We are partnered with over 80 different investors that all have different options. I'd be happy to assist you in a refinance, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.
Feel free to give me a call at 312-264-6448, or
you can email me at Jasonf@providential.com.
Thank You,
Jason Fry
Providential Bancorp
Don't know about these companies.
Generally speaking, YES, you should refinance a 12% loan.
Your biggest concern during refinance is the closing costs, so shop around for the lowest closing costs. In general, if you owe say $62,000 on the house, you should make sure you are refinancing only $62,000 - don't let them roll up closing costs into the new loan!!!
It is possible that you can find a bank who is willing to accept say 6 to 10% of your interest instead of some other bank and would waive the closing costs to do it - they know they will easily make up the $2,000 in closing costs over the life of the loan. Be an informed shopper and you'll see they negotiate to meet your terms.
I could recommend any of the sites you mentioned. Odds are good that these are only "closing companies". This means as soon as the close on your new loan they will sell it to a "servicing company" who then handles the processing of your monthly check. So, what is in it for the closing company? That $2,000+ in closing costs is what!
Good Luck.
12 percent rate indicates you have had some problems with your credit in the past. Have a professional look at it with you and decide from there.
If your mortgage rate is 12%, you either have a very old mortgage from the 1980s, or very poor credit.
Good luck
Where's the best place to go to refinance my home and what would be a great rate?
Are these places like Ditech any good or should I go to my current lender? I'm currently paying 6.5%.
Shop around. Call at least two banks, two national lenders, two brokers, and a credit union. Make sure everyone knows you are calling around.
So many of the people who got bad loans over the past few years set themselves up by only contacting one loan originator. When I purchased my present home - about a year ago - the company I had my old mortgage with quoted me 7.5%. By calling around, and making it clear I was calling around - I wound up closing at 5.5%.
The loan companies need your business. Make them compete for it. Let them know you're shopping and you will get the lowest offer.
Before you start calling, know your credit score. When you call for a quote, tell them your credit score, how much savings you have (reserves), you monthly income, and your monthly debt. While the quotes won't be binding - don't let them pull your credit report, tell them you're just shopping - if you start working with someone and they start to push the rate up, you'll know who to go onto next.
Good luck.
Here are reputed mortgage lenders.
See who is near your area.
http://mortgage-loans1.blogspot.com/
Be cautious of online lenders, some offer bait and switch tactics - hoping you don't catch the changes from the original quotation, some just stink at customer service (your loan is just another number), others charge high closing costs.
Does anyone have any experience with a Ditech loan?
I would like to hear good and bad stories.....
My husband and I are considering refinancing and would like to know what others think of them.
YOu get what you pay for. I have not used Ditech but am a mortgage consultant and do personal service. I would rather have a personal service mortgage rep than a 1-800 number anyday. I hate phone trees. Just decide what is important to you.
Personal Service or Waiting in a long line on hold.
What state are you in? If it is in Virginia I would be glad to assist you.
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