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Hi All,
Has anyone done a mortgage with ditech.com? Im going to do a refinance real soon and im debating on trying them. I found out ditech is owned by GMAC. Im thinking after the first of the year rates may start climbing again. Any views on that or ditech would be great.
Larry
I believe Ditech is a 'second tier' lender catering to B & C credit risks. If you want a mortgage from GMAC and your credit is good contact GMAC Mortgage. You'll get lower rates, pay fewer points and have less in closing costs than with Ditech.
My credit as A1 and dept to income ratio is good numbers for what i want to do so im looking around right now. They did give me a verbal quote on a interest rate of 6.125 for the loan im looking at.
Larry
Make sure you get quotes for not only interest rates, but also for discount points, origination fees and ALL other required items that will either directly or indirectly be a part of your closing costs.
Remember, the large print giveth; the small print taketh away. [img]/forums/images/icons/smile.gif[/img]
Try out www.interest.com
They'll give you a pretty good sized list of mortgage companies and their rates.
What's the the term of the loan going to be? If you plan to pay off in 10 years or less, take a look at a Home Equity Loan. When I compared costs of a home equity loan to refinancing with a mortgage, I was surprised at how competitive the home equity loan was.
I'm in the process of doing this with ESL right now. The loan has no closing costs, a six month introductory rate of 2.75% and than it goes to prime - now 4.25%. It is capped at a max of 10.25%. It's also a simple interest loan, so you are paying off principal more quickly than with a conventional mortgage.
I've looked hard to find a downside, because it is so much cheaper than a conventional mortgage, but haven't found one yet.
I have a unique way of looking at this... I worked in the broadcasting business for a few years. I know how much ad time can cost. These companies have GOT to be making money hand over fist to be able to afford to run commercials all day and night, on all channels. This tells me that somehow they charge too much. Think about it- how often do you see a commercial run for Ditech? What times of the day? Evenings and mornings are most expensive usually, especially on TV. How can they afford this? They charge you big..that's how.
Kinda like Geico insurance. They claim they are cheaper, but run on every network and specialty channel out there. This takes money. Your money.
I'd be prone to steer clear for this reason, knowing nothing else about them.
Just my .02 worth...
C1
Yeah i did steer clear...that was months ago i was debating on them. Come to find out, with my A-1 credit rating i got a great loan not to long ago. Thanks for fireing up a old thread though
Larry