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Online Home Loans-
Posted by: mikebw
Date: March 28, 2006 01:43AM
Has anybody here used an online company for their home loan, like [] or something similar?

I'm just wondering how much you might actually save, and if it's worth it in terms of ease of use vs. savings.
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Re: Online Home Loans-
Posted by: Chupa Chupa
Date: March 28, 2006 07:04AM
I used Ditech a few years ago for a condo after another online mortgage co. started adding mysterious charges at the last minute (about two weeks before closing). The guy that helped me @ Ditech was great and put my loan through lightening fast (about a week) so i could close on time. But it was downhill after that.

Last year they claimed my payment bounced but the acct the check was written always has many times more cash than the mortgage payment. I called up Fidelity and tried to get them to intervene but Ditech just acted as crappy as they could. Fidelity was great. They wired the payment to Ditech and picked up the wire fee and Ditech's late fee.

After all that I still wanted to get to the bottom of the problem. I wanted to see what was stamped on the back of the check. So I asked Ditech to send me a copy of the check. At first they refused but after speaking with a manager I got him to agree. He told me they'd have to research it and it would take a few weeks. It took 3 months! And when they did finally sent me a copy it was just the front of the check, not the back. Little good that does me. Just makes me wonder.

In contrast, a similar incident happened with my home mortgage where my check was lost in the mail. (I don't remember who the company was at the's been sold off so many times I can't keep up). The CSR looked at my flawless payment record and told me that since I had a good record they'd waive the late fee and told me to have new check in before the next statement printed.

So as you can see I don't recommend going with Ditech (which is really GMAC).

Edited 1 time(s). Last edit at 03/28/2006 07:05AM by Chupa Chupa.
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Re: Online Home Loans-
Posted by: wurm
Date: March 28, 2006 07:13AM
I've done two re-financings through [], but unless you're in MA, I don't think they can help you. At the time of our first re-fi through them, you couldn't even apply online–you had to call them. It was a one man operation. But it was the easiest, fastest, and most hassle-free loan we ever got. Best rate, too. I think they have two or three people now. smiling smiley

Edited 1 time(s). Last edit at 03/28/2006 07:16AM by wurm.
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Re: Online Home Loans-
Posted by: davester
Date: March 28, 2006 09:15AM
I financed and then refinanced through [] . They are the biggest non-bank mortgage company in the US, and every time I've checked they seem to have the lowest rates.

"In science it often happens that scientists say, 'You know that's a really good argument; my position is mistaken,' and then they would actually change their minds and you never hear that old view from them again. They really do it. It doesn't happen as often as it should, because scientists are human and change is sometimes painful. But it happens every day. I cannot recall the last time something like that happened in politics or religion." (1987) -- Carl Sagan
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Re: Online Home Loans-
Posted by: $tevie
Date: March 28, 2006 10:36AM
I have an irrational dislike of Ditech based on their advertising. I sometimes get junk mail from them and they have always struck me as a fly-by-night sort of operation, based on their logo and their copywriting. Sheer prejudice, I admit it. Or call it a hunch.
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Re: Online Home Loans-
Posted by: Go To Top
Date: March 28, 2006 06:15PM
The sleazy owner of Ditech is GMAC which was just sold by GM and announced today they are restating their numbers. I would not touch them with a stick.

Some hunch.

A man who is of "sound mind" is one who keeps the inner madman under lock and key.
(Paul Valery)
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Re: Online Home Loans-
Posted by: mikebw
Date: March 29, 2006 06:35AM
thanks for the opinions. I agree that their TV commercials are most unappealing, however their website seems much more professional.
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