Does anyone have any experiences, positive or negative, to share regarding searching for a mortgage online? The rates offered by these companies listed at bankrate.com and elsewhere are so much better than what our local banks offer. (If you happen to live in Tennessee and can speak to mortgage brokers doing business here, that would be especially helpful, lol, although I'm also interested in your experiences generally.) We're moving from Knoxville to Germantown -- just outside Memphis -- and are scheduled to close June 24. However, I'm obligated to find a mortgage company and make application within the next week and really would benefit from whatever anyone has to share regarding this process. As an aside, I should add that the most important thing is this: Without Creditnet, I certainly wouldn't be in a position to even go for a new mortgage. In March 2001 my Equifax FICO score was 564. As of two days ago that same score was 750. My Experian/CreditExpert score was in the low 600s a year ago but is now right in line with my Equifax score at 754. My Trans Union score is in the low to mid 800s, although I haven't checked that recently. (I understand that the Trans Union scale ends 100 points higher than the other two CRAs anyway, so they're not exactly comparable.) Special personal thanks go to Lizardking, bbauer, marci, and breeze. Thanks everybody! Ok, it's my turn to be a student. Thanks in advance to anyone with online mortgage wisdom to share. Doc
Doc... I'm going through www.indymac.com. The rate isn't great (5% down, 7.75%, 2 points) but neither is my credit quite yet. However, my loan officer has been terrific. Emails responded to within hours usually. She faxes me what I need and faxes the realtor what they need. She ALWAYS takes the time to answer my questions. I've been told to be wary of online mortgages but so far, it's been real pleasant. I make settlement on August 28th (assuming the house is complete by then)
Hi Doc, First of all, I would like to thank you for all of your input. You have really helped a lot. I recently applied for a mortgage throught Quicken.com and they provided us with a couple of companies that offered decent, not great rates. We were offered 6.75% for a 30 year fixed rate from one company and 7% from the other. My Husband has excellent credit and my scores are 694 EQ, 684 EX & unsure about TU. We then went to Chevron Credit Union and they offered a 6.0% rate with 0 points. I hope this helps a bit. Thanks again!
Doc, glad to see you are still around. Congratulations on your scores! I have checked around on the net and have run across House Mortgages. They have over 100 different lenders that they do business with and I have learned so much from working with them. Here's a contact and number if you'd like to check them out. Candi Beasly @ 713-782-3131. If you talk you her tell her Keller (aka: you know) recommended her. She's great and honest! Also, FLA_TAN who posts here is extremely knowledgable concerning mortgages. He's a mortgage loan officer or broker in Florida. He has also enlightened me on different types of loans and what they can do for me. He has a lot of experience and he gets technical, which is what I like. You'd probably like him, too. There are so many mortage companies out there and even more types of loan programs. If you don't get someone who KNOWS their business, chances are very good that you won't end up with what would have been best for you. The mortage industry is an extremely competive market. Get plenty of quotes. I usually tell my clients to get a copy of their credit reports and scores and fax them to the different mortgage companies and make them give me a hypothetical good faith estimate based on what they see. Only after I choose a company, would I allow them to pull my tri-merge, as I am sure you have already thought about this. Good luck, Doc. Keller
Have you tried Countrywide, Quicken, Eloan and Cendant?? Those are the ones that come to mind....I haven't tried them. I was going to go with Countrywide or Cendant but now I think I will just try with my credit union first and see what happens. They have a conventional loan for veterans that is just like the VA without all of the paperwork. Anyway, good luck!
Keller Thanks for the kind words. How is Texas these days. There are several excellant loan programs available. Everything from 30 year fixed to COFI/CODI/COSI, ARMS, and Interest Only. Most of the online companies also work through mortgage people such as myself and the rates are usually pretty consistant. The biggest advantage with going with a perosn versus online, a good loan officer is interested in "selling" a particular type of loan. They are interested in helping you to find the type of loan that fits your needs and requirements best. A good loan officer won't just take an application, order takers do that. A good loan officer will ask questions and probe to determine where you are and where you are trying to go, and then will work to provide you with the loan that best helps you to get there. A good loan officer, like a good Psych, is worth whatever there fee. A bad loan officer, like a bad Pysch can be a disaster. fla-tan
Re: Experience sought: ONLINE MORTG Thanks for all this great information! Doc P.S. Keller, I hadn't thought of photocopying and sending the CRA reports for the initial good faith quotes. Thanks for that super tip.
