Lending Tree and Ditech
There are several sites on the internet like Lending Tree and Ditech where they claim that you are able to get the lowest rate on mortgages possible because lenders “compete for your business”. In some cases this may be true, but don’t assume you are getting the best deal just because you are using one of those sites.
Mortgages are very complex and the rate of the loan is only one part of the total cost of the loan. I was talking to someone who just sold his house to a couple who used Lending Tree, but the time everything was done they paid about $4,000 extra in fees to their lender. If they had of gone with a reputable local mortgage broker they could have saved that $4,000–and had a much smoother transaction.
If you are looking for a mortgage, by all means shop around. Checkout sites like Ditech and Lending Tree to see what their rates are. Just make sure you look at the total cost and don’t automatically assume that they will have the lowest price just because you found them on Ditech.
Mortgages are very complex and the rate of the loan is only one part of the total cost of the loan. I was talking to someone who just sold his house to a couple who used Lending Tree, but the time everything was done they paid about $4,000 extra in fees to their lender. If they had of gone with a reputable local mortgage broker they could have saved that $4,000–and had a much smoother transaction.
If you are looking for a mortgage, by all means shop around. Checkout sites like Ditech and Lending Tree to see what their rates are. Just make sure you look at the total cost and don’t automatically assume that they will have the lowest price just because you found them on Ditech.
If you are considering mortgage refinancing
If you are considering mortgage refinancing online with the Lending Tree website, you need to read this discussion first. Filling out Lending Tree’s contact form will result in overpaying as much as $1,300 for your next mortgage loan. Here is what you need to know about computerized loan origination junk fees to avoid overpaying for your next mortgage loan.
To understand how companies like Lending Tree make their money, click on the licenses and disclosure link at the bottom of their web page. Scroll down a bit and you’ll find a section entitled “GFE Addendum – Disclosure and Fee Acknowledgment." Lending Tree claims they do not charge you for their services, while this is only partially true, the fine print found on the licenses and disclosure page tells the whole story.
The Good Faith Estimate Addendum discloses the “Computerized Loan Origination Fee” you will pay when closing on your new mortgage. Your lender will charge you up to $1300 for filling out Lending Trees form. This is the fee you pay for using Lending Tree to find a mortgage loan. While Lending Tree is not charging you this fee directly, had you gone to the mortgage lender's website directly you would not be out of pocket $1300 at closing.
Lending Tree isn’t the only big named website that charges this hidden fee. How can you avoid paying “Computerized Loan Origination” fees? Do your own research and go directly to lenders websites without using a third party portal like lending tree. Closing costs and origination fees are expensive enough without third party companies like Lending Tree bilking you out of your hard earned money.
To understand how companies like Lending Tree make their money, click on the licenses and disclosure link at the bottom of their web page. Scroll down a bit and you’ll find a section entitled “GFE Addendum – Disclosure and Fee Acknowledgment." Lending Tree claims they do not charge you for their services, while this is only partially true, the fine print found on the licenses and disclosure page tells the whole story.
The Good Faith Estimate Addendum discloses the “Computerized Loan Origination Fee” you will pay when closing on your new mortgage. Your lender will charge you up to $1300 for filling out Lending Trees form. This is the fee you pay for using Lending Tree to find a mortgage loan. While Lending Tree is not charging you this fee directly, had you gone to the mortgage lender's website directly you would not be out of pocket $1300 at closing.
Lending Tree isn’t the only big named website that charges this hidden fee. How can you avoid paying “Computerized Loan Origination” fees? Do your own research and go directly to lenders websites without using a third party portal like lending tree. Closing costs and origination fees are expensive enough without third party companies like Lending Tree bilking you out of your hard earned money.
First Houston wins 2006 Lending Tree Customer Service
First Houston wins 2006 Lending Tree Customer Service AwardFirst Houston honored as top performer in 2006
CHARLOTTE, N.C., September 27, 2006 – First Houston Mortgage was recognized as the recipient of the 2005-2006 Overall Top Experience - Customer Service Ratings award at the 2006 LendingTree Partner Summit, held at the Charlotte Convention Center in Charlotte, N.C. September 26 – 28, 2006.
At this annual event lending partners were recognized for their achievements, and additional awards were given to those companies or individuals who were the top producers by product, those with the highest performance by product, and also those who were inducted into the Lending Advisory Council.
CHARLOTTE, N.C., September 27, 2006 – First Houston Mortgage was recognized as the recipient of the 2005-2006 Overall Top Experience - Customer Service Ratings award at the 2006 LendingTree Partner Summit, held at the Charlotte Convention Center in Charlotte, N.C. September 26 – 28, 2006.
At this annual event lending partners were recognized for their achievements, and additional awards were given to those companies or individuals who were the top producers by product, those with the highest performance by product, and also those who were inducted into the Lending Advisory Council.
Monday, September 17, 2007
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