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OT: Refinancing over the Internet..

Old 01-21-2003, 12:45 PM
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Default 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
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Old 01-21-2003, 12:47 PM
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I did a couple with Ditech (GMAC) with no problems. They even sent someone out to do the closings.
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Old 01-21-2003, 01:14 PM
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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?
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Old 01-21-2003, 01:20 PM
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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.
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Old 01-21-2003, 02:00 PM
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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.
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Old 01-21-2003, 06:48 PM
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Hey Steve, you thinking about geting a new boat, again. See ya soon!!
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Old 01-22-2003, 09:26 AM
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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)
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Old 01-22-2003, 09:48 AM
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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.
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Old 01-22-2003, 10:04 AM
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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.

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Old 01-22-2003, 12:13 PM
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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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