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Old 08-12-2003, 06:17 PM
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any bad experiences with mortgage cos?

going to re-finance my house. applied to somewhere on line and 3 people called me and want to loan me the money. a realitor told me to stay away from them because they will screw you so i ask you.... ANY OF YOU BEEN SCREWED?? or know of anyone who's been screwed by a mort. broker AND IF SO, was it someone they got online??? thanks

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Old 08-12-2003, 08:43 PM
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Hey Bullheimer, don't know what things are like in the USA but I am very skeptical of any online mortgage broker unless they have an EXTREMELY good reputation such as ING Direct. They would be the first ones I would try, remember that your mortgage is the single largest investment you will ever make in your life and the last thing you need is to have some scheister come and swindle you out of it under the disguise of a reputable company. ING has a proved track record.
Here is Canada we deal with a bank that is strictly phone or online, but is owned by a well known and very stable finance company. We have a fluctuating rate that has not moved more than 1-1 1/2% in the last 3 years and right now we're at 4.175% which is the highest our rate has ever been. The lowest we ever had was 3.125% about 18 months ago. In the three years we have had our mortgage with them we have cut 10 years of the original mortgage term.
Just do your research and always read the fine print. If you can't find any info about the company, they're probably not someone you want to deal with.

Let me know how it goes....

Chickie.
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Old 08-13-2003, 04:50 AM
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Re: any bad experiences with mortgage cos?

Quote:
Originally posted by bullheimer
going to re-finance my house. applied to somewhere on line and 3 people called me and want to loan me the money. a realitor told me to stay away from them because they will screw you so i ask you.... ANY OF YOU BEEN SCREWED?? or know of anyone who's been screwed by a mort. broker AND IF SO, was it someone they got online??? thanks
Personally, I'd use a local bank. You will then be dealing with local folks. Interest rates should still be very competitive.
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Old 08-13-2003, 09:45 AM
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Interest rates should still be very competitive.
Again, I don't know how things in the USA, but we used to deal with a local bank here and their interest rates were at least 2% higher than the "virtual bank" we deal with now. (When you're dealing with 100K+ that's a lot of money). As a matter of fact, the online/phone bank we deal with now is owned by the parent company of the local bank we used to deal with. The difference in the rates is directly proportional to how much "personal service" you are looking for. If you're the person who wants to be able to walk into the bank and have everyone know your name, go for it, but you will pay higher interest. If you don't care about the face to face stuff then there is nothing wrong with online banking, as long as it's with a well known company who has a long standing reputation.
Our online bank has what they call satellite pavillions in several locations in each major city across the country. When there are papers that need to be signed, they simply courier them to the nearest pavillion (or the pavillion of your choice) and you go and sign them at your convenience.

Virtual banking isn't for everyone, but we have been more than satisfied with our choice and have saved literally thousands of dollars doing things the way we have.
We have not tried using a mortgage BROKER per se, but again, in Canada there is not the same type of competition among banks, they tend to all keep their rates within the same range, the big differences are in the types of products they offer, i.e. chequing account services may vary from one bank to another. I think you guys have a much more competetive system than ours which gives you major advantages in terms of bargaining power.

Chickie.
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Old 08-13-2003, 12:19 PM
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wells fargo in person has like 7-8000 in closing costs, the on line guys are 4000 and 6000. wells fargo interest was 7.3% and the onliners were 7.1 and 4.something respectively. washington mutual looked at my mortgage statement and told me to leave-lol! interest rates have dropped back down below 6% again tho, so i am in no big hurry, but have to do it soon. i have checked the BBB on the 4% onliner and he is a member with no complaints, my bummer with him is i asked him yesterday for two references of people he's loaned money to in the state of washington and he said on the phone he had lots of customers here ask two to call me and in 24 hours he hasnt called me back nor have i heard from any references. i am concerned because he is offering 4% (on an ARM) and everyone else is telling me 7% so....
i still have some loose ends to tie up regarding that craappy mort. statement and will be able to negotiate better if i can clear some things up. the other online guy is in federal way, 80 miles south of me, the first one's h.q. is in oregon, but his employee i've been dealing with is in L.A.
all i can tell you for sure is the lady that told me wells fargo was the cheapest place to go was full of CRAPPOLA!
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Old 08-13-2003, 02:35 PM
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I don't know a whole lot about mortgages, so all I can is a "Good Luck" and hope it goes as smoothly as it can.



Marc
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Old 08-13-2003, 02:40 PM
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The last broker I had hadn't paid my property taxes for about a year and a half, even tho I was paying into my escrow. I didn't even know about it untill I started to refiance my home.

I am with a bank now.
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Old 08-13-2003, 03:54 PM
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steer clear of those so called mortgage brokers calling you on the phone there sharks in a feeding frenzy most are ruthless... go to a reputable mortgage insitution or a bank........good luck to you...
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Old 08-13-2003, 04:03 PM
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Only had bad experiences

with finacing when i had a poor credit rating. They know they have you by the short hairs, and use it on you. (see: HouseHold Finance [ they are from the Devil!]
I've had the best experiences using local banks and lending institutions. I also know that many have had good experiences with their credit unions.
Best wishes to you!!
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Old 08-13-2003, 05:54 PM
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Bull, I have bought and sold 12 homes and have had a little experience with mortgages. First and foremost, ARMs have some good points, but are far outweighed by the bad. I have used them twice: both times I knew I would be selling before the first big rate hike took place so they worked for me. Had I hung on to them, I would have been eaten alive by the big rate increases hidden in the fine print. Dealing with your banker has it's advantages, but best rates just is not one of them. Also, the fine print again usually says your bank will sell your mortgage at a later date and you have to go through some hassle of receiving new payment booklets, new escrow requirements and usually nothing to your advantage. That has happened to me on the last two homes. I refinanced with my bank in 2001 and they sold the mortgage within 90 days to GMAC. They have been OK, but when I called them recently to take advantage of 4.5% 15 year rates, I reached ditech.com that you see advertised ever where. When questioned, they and GMAC are one and the same. By the way, they wanted to keep my mortgage and the closing costs were under one grand "because they did not need to do any credit checks, surveys, or appraisals" as an existing customer in good standing. (also because I was only financing 25% of the last appraised value of my home). I would strongly advise you to talk to your present mortgage holder and give them first shot. They will deal with you if they think you are taking your marbles to another ring!!! Work on them just like they are a used car salesman. They will deal. The thing to hit on are the above mentioned items as well as any other little hidden things that do not crop up until you see the actual settlement statement. I have been successful in getting those dropped out when I say the deal is off if they insist on throwing in the hidden garbage.

Good luck! Look hard at 15 year fixed rate mortgages, especially if you have an ARM or a 30 year now. If you can get the note for 2% less than you are now paying, your new payment may be about the same as now, but you save a ton of interest on the 15 year.

Trees
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Old 08-19-2003, 11:30 AM
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good advice, thanks. my mort co was the worst yet as they see my wive's late payment every month for over the last year. they wouldnt go below 8.something%!
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