Online Mortgage Lenders?

[Gayle]

DH and I are kicking around the idea of a refinance. Has anyone had any experiences with some of the many online lending companies out there (Lending Tree, Quicken Loans, etc, etc)? We've dealt with local banks in the past, but are investigating a little more broadly this time.

Please tell me your stories of the good, bad, or ugly.

 

[marnold]

Gayle,

Maybe I am paranoid but when I looked at the online refinance companies you mentioned, my DH and I found the experience a little unsettling. Their reps would never meet with us in person and from our experiences they were jumping to perform "creative financing" ie over valueing our home...etc.

We went with Countrywide (online) and the entire experience was smooth. It seems like here in Utah, no matter what lender gives you a mortgage, it is eventually sold to Countrywide anyway.

IMHO. Good luck to you!

 

[LauraMax]

I went through Lending Tree & ended up w/Quicken. I had a pretty good experience, the rep was very responsive & knowledgable. My monthly debt payments were reduced from about $1000 to $120.

I did my mortgage thru Wells Fargo, located somewhat locally, & I never met their rep either. My experience w/them was also excellent. I don't think it's that important to meet your rep--it's better to have someone w/experience & knowledge than having someone you can look in the eye.

 

[sahara]

I also recommend Lending Tree. It saves you some shopping around because you get multiple quotes. We've used them for two refinances and both times we were happy. If you are concerned about meeting someone locally, just try to choose a local bank from the options you're given. We started off with an online bank because they had a better rate but quickly went with Wachovia after the online bank started sending up some red flags. As with everything, you just need to trust your instincts.

Tracey
"Where there's a will, there's a way."

 

[JenL13]

If you know what you are doing & read everything then most all places have about the same thing... I work for Wells Fargo so of course I am biased about them & think that I work for a very honest, good company. That being said, we have about the same products, programs, etc... as countrywide, B of A, chase, wamu - we call the major plays in the industry the C&W's of the world (wells, wamu,chase,countrywide)and they are who we consider our biggest competitors.

I actually sell mortgages for a living for Wells-but I deal with mortgage brokers-you go to them for loan & they come to me.

Just regardless of what you do, read, read, read! If you have any questions you'd like to ask me, feel free to e-mail me. I've worked for Wells Fargo for 10 years and been in sales for 6 so I could probably answer questions if you have them.

 

[Affirm]

I recommend lending tree. We did it a while ago and it saved us a lot of time from shopping around. Basically, the lenders call you wanting your business. Kind of like getting an "online quote" for a new car. It is easy. If you know what you are doing it will be a smooth process.