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  1. #1
    Charter Member Charter Member Cignificant's Avatar
    My Boats:
    1998 26' Boston Whaler
    Join Date
    Oct 2000
    Richmond, VA

    OT: Refinancing over the Internet..

    Has anyone refinanced their mortgage over the Internet? I filled out the forms at and got four very tempting responses. But it seems too easy. Does anyone know of anything I need to watch out for?
    Steve Gresham
    Hauling butt in my 26' Boston Whaler

  2. #2
    Registered bajadude's Avatar
    My Boats:
    340 Sundancer with 8.1s, formerly 1999 33 Outlaw HP500s
    Join Date
    Apr 2002
    Boca Raton, FL
    I did a couple with Ditech (GMAC) with no problems. They even sent someone out to do the closings.

  3. #3
    Registered MitchStellin's Avatar
    My Boats:
    Zodiac RIB
    Join Date
    Nov 2000
    Grand Haven, MI USA
    I am a Mortgage Loan Officer with Wells Fargo and I have very little faith in the Internet companies. I have heard many horror stories of fees and rates changing at the closing table. You don't have to close and if you Resind the transaction you get your Application Fee back but that does little if rates went up and you are left looking for a new lender. They have "Bank Fees" that will look very low but later you find out about the "other fees" from outside the Bank that can add another $1000.00. Like you said it is too easy and if it is there is a problem. You need someone who can be held accountable for there actions. Someone you can bash on a forum board that is seen by thousands. Someone who will not hide behind a screen name so you can look them up in the phone book and harass the hell out of. Get the hint?

  4. #4
    Registered Playn's Avatar
    Join Date
    Jan 2001
    I used some guy on a boat forum I recall. The process was quick, easy, and uneventful. I think his avatar had something stupid like a snowmobile on it

    Cignificant, Give Mitch a call.

  5. #5
    Join Date
    Nov 2000
    Glastonbury, CT
    I just used it was a nightmare but its over with and I got a good rate at very low closing costs. I have since been told that Eloan is better at this.

    I will say since the ref. my junk mail (US Postage not internet) daily quoto has gone way up.

  6. #6
    Are we having fun, yet? Charter Member Gizmo's Avatar
    My Boats:
    95' 32' Sunsation, 500hps
    Join Date
    Mar 2001
    Chesterfield, Va.
    Hey Steve, you thinking about geting a new boat, again. See ya soon!!

  7. #7
    Platinum Member Platinum Member
    My Boats:
    fast boats
    Join Date
    Nov 2000
    Greenwich CT USA
    I am the President of a Nationwide Mortgage Lender, and one of the top Mortgage Originators in the country...My advice: Buyer Beware on the net...It is a great source to check rates, but there are often hidden fees, pre-payment penalties or the rates that are being quoted are only available for 15 days...not realistic in terems of closing.

    I would be happy to offer my services at a discount to all OSO members. Please call me at 800-711-5394

    Marcus Zavattaro

    (aka F2-07 Wild Child)

  8. #8
    Cignificant , i went through lending tree also and close tommorow.
    prime-.05 arm. line of credit , no fees.

    i asked about them trying to change the rate just before closing and they said it wouldnt happen. im locked in already.

    seams ok to me.

  9. #9
    I used Lending Tree a couple years ago. In general it was a bad experience, although things worked out in the end. The lender I chose (M.I.T) was a nightmare, lost paper work, postponed closings due to forgotten fedex. higher than expected closing costs, etc., etc. Lending Tree wasn't so great either, at the time they had a special offer of a $100 gift card at home depot with a closed loan. Never got it and after many calls I just gave up.

    I think that most local lenders/brokers have upgraded their procedures and prices to be very competitive with the online guys. You might find a slightly lower rate online but IMHO it's not worth the trouble.


  10. #10
    Registered Donzi38ZX's Avatar
    Join Date
    Oct 2002
    Whiting, IN
    I used Ditech a couple of years ago, went fine just the typical BS I had with the prior broker and bank. All lendors, online or not, are required by federal law to provide an upfront disclosure of fees. even lets you see those fees before contacting the lender.

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