Anyone got their mortgage from on-line lenders?

[SCSIfreek]

Please comment on your experiences and perhaps some suggestions. I'm in a mortgage nightmare going through the Builder's Loan Officer. Should I start going through places like lendingtree, eloan, Wellsfargo? Bank of America? Thanks. Any pointer would be greatful.


--Scsi

 

[Lvis]

I got my truck loan through Lendingtree. They just submit your app to a bunch of companies, the loan isn't from them. It's worked out well.

 

[rahvin]

I used Amerisave, again it's just a purchase from the Fanniemae auctions so you get a good mortgage. Funny thing is the mortgage paperwork showed how much they made on my loan. They took $2995 above the fees I paid, pretty decent for less than 8 hours work I would say.

 

[wyvrn]

I did and it was a mixed experience. We had to overnight Fedex all the paperwork back and forth (which they paid for), which was a small annoyance. But I think since I didn't work with a person face to face, it is easier to be taken advantage of. When my wife and I went to close, they had raised our interest rate 1/8 of a percentage point. Not much but I called the guy right then and gave him a nice long earful after he told me he knew about the increase, which went against their own policy, but he forgot to tell me. We eventually worked it out but it was enough hassle that I used a local company for my second mortgage.

 

[SCSIfreek]

Originally posted by: wyvrn
I did and it was a mixed experience. We had to overnight Fedex all the paperwork back and forth (which they paid for), which was a small annoyance. But I think since I didn't work with a person face to face, it is easier to be taken advantage of. When my wife and I went to close, they had raised our interest rate 1/8 of a percentage point. Not much but I called the guy right then and gave him a nice long earful after he told me he knew about the increase, which went against their own policy, but he forgot to tell me. We eventually worked it out but it was enough hassle that I used a local company for my second mortgage.

Which lender did you go through? Lendingtree?

I've looked at local credit unions and their rates are a little lower than those offered thru banks. Maybe I should get the loans from a local lender? Anyone has suggestions on lenders in the East bay Area?


--Scsi

 

[wyvrn]

I tried Lending Tree and got all of one lender interested (we had excellent credit, and have a nice income). I emailed them for more information but they never got back to me. What a dud that was! I then used bankrate.com and that is where I found my first lender. They were great except for the mixup at the end, but I would seriously consider using a local lender. You cannot beat the face time, they cannot run from you and treat you more like a customer should be treated. Also, on my second mortgage I tried Lending Tree again, and I got the same lender interested as the first time but the idiots would not answer my inquiries, even when done through the Lending Tree website. So much for the multiple offers they advertise. My wife and I have good credit and job history, frankly I expected more from those guys. We turned to a local office and they did a standup job.

 

[Maetryx]

I have gotten one mortgage and one refinance through WellsFargo.com (different houses in different states too). I thought they were pretty good. The WellsFargo Home Mortgage campus moved to the old Honeywell campus last year, I think in Minnesota. They have the system worked out to a science, so there is a pretty understandable checklist of what they need and when. Now, ultimately it wasn't online at all. I applied online, but it ended up most on the phone. But I worked with one loan officer who turned out to also be [title forgotten.... one level above a loan officer]. So she basically approved her own work.

Then, on closing day, I found out that she had changed my 30 year loan to a 15 year loan because the interest rates had dropped so much. Merry Christmas! That was awesome. She saved me thousands. I think it was because she was putting in her two week notice like the next day (true).

My agent, on the other hand, was a total asshole. I had to do a lot of his work because he has the charisma of a baboon. He abused my loan officer (the angel mentioned above) verbally over the phone so that I ended up having to be their go-between