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  1. #1
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    LendingTree.com??

    Has anyone ever used Lendingtree.com. I'm in the market for new mortgage in the next 0-6months and I want to get the best rate possible. Both my wife and I have 800+ credit scores so, IMO, we should be able command a relatively low rate. I've always gone with Wells Fargo in the past but they don't seem to budge on their rates. Would I be better to just try a local credit union? Any advice is welcome. Thanks.


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    Re: LendingTree.com??

    Quote Originally Posted by CyinCo View Post
    Has anyone ever used Lendingtree.com. I'm in the market for new mortgage in the next 0-6months and I want to get the best rate possible. Both my wife and I have 800+ credit scores so, IMO, we should be able command a relatively low rate. I've always gone with Wells Fargo in the past but they don't seem to budge on their rates. Would I be better to just try a local credit union? Any advice is welcome. Thanks.
    I'm sure you can try it, but it seems like the going rate for mortgages these days is about 6.5% (and we're going thru Wells Fargo as well). Because we bank there they might be willing to drop it about a quarter of a percent. I've also heard a few rumblings that the Fed is thinking about dropping interest rates, and hopefully they make that decision before January 18 (my closing date)


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    Re: LendingTree.com??

    I'd go through a local credit union or wells fargo or something - as somebody who works in the mortgage refinance business, I've heard more lendintree.com horror stories than you can imagine.



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    Re: LendingTree.com??

    Lendingtree will get you no where fast. It is mostly for people that have a hard time getting credit. If you shop around the local credit unions/banks with a 800+ credit rating, they will be falling all over themselves to give you a loan. That is what I did when I was looking for my last refi. I just called around, said I want to refi, my rating is over 800 and every single one of them called me back right away. The were offering me lower than published rates to just get my business. In the end our local credit union met the lowest rate and we locked in there.


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    Re: LendingTree.com??

    My wife and I are both just south of 700 and banks were falling over us as well, although we're just not going to get much better than the going rate.

    The one piece of advice I'd suggest is whether you go with a large bank or a local bank MAKE SURE THEY'RE NOT GOING TO TURN AROUND AND SELL THE MORTGAGE. It's the whole reason why we didn't go with the bank my wife works at or our credit union.

    That and stay away from *****...


    "That's what I do. I drink, and I know things." - Tyrion Lannister

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    Re: LendingTree.com??

    Why does it matter if they sell your loan? You are locked into those rates, so who cares?


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    Re: LendingTree.com??

    I had a credit score of around 760 and after shopping around, Wells Fargo basically said name the amount you want and we'll make it happen (within reason obviously).

    No wonder some people buy more house than they can afford with some of these lenders throwing as much money as possible at people.



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    Re: LendingTree.com??

    I work for Wells Fargo as well and even as an employee we only get .25% rate break. I would guess that a CU would be a good bet or Wells Fargo or a US Bank. DO NOT do something stupid like an interest only loan or a pick a payment/negative ammortization loan as they just get you no where with companies that offer those. On the topic of the Fed dropping rates, you wont see that coming to you for a while, I have to explain that to customer everyday as I do refinances. Fed dropped bank to bank rates, not bank to customer, that is more to do with overall market conditions:

    http://www.minnhome.com/Article.pdf



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    Re: LendingTree.com??

    Quote Originally Posted by brianhos View Post
    Why does it matter if they sell your loan? You are locked into those rates, so who cares?
    If something gets sticky with the loan, you have a better chance of a workout with a local bank than a large bank or whoever the loan was sold to.



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    Re: LendingTree.com??

    Quote Originally Posted by brianhos View Post
    Why does it matter if they sell your loan? You are locked into those rates, so who cares?
    Because every single person that I've talked to that has much more experience with this than I, including both my wife and my parents, co-workers, bank employees (including the one my wife works at-why would they tell my wife to go to a different bank to get a loan simply on the grounds that the bank is going to sell it) have all advised to make sure they won't sell it as they've warned that bad things can happen if your mortgage ends up in another bank's hands - such as different policies that can affect your mortgage. Plus just because a rate is locked doesn't mean it's absolutely "locked" - my dad (who is much more knowledgeable about finances than I) and I had a conversation about mortgages, and if the bank has a compelling reason to "adjust" your rate (such as interest rates go through the roof) the bank isn't just going to lose money on your mortgage...


    "That's what I do. I drink, and I know things." - Tyrion Lannister

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    Re: LendingTree.com??

    I used lending tree last winter for my new home. My credit score is in the 800+ area. They hooked me up with a brokerage firm in Houston that got me a killer rate, but dealing with them was a bit of a pain in the ***. Lending Tree also connected me with an agent from Omaha, and she was awesome. Plus since I closed with a Lending Tree affiliated agent, I got $500 in Home Depot gift cards.

    So I didn’t like dealing with the brokerage firm I chose, but the fixed rate that they got me made it worth it. My bank and local credit union couldn't match the rate I got by around .4%. Plus I was extremely satisfied with the agent they hooked me up with and the gift cards were a nice bonus.



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    Re: LendingTree.com??

    Quote Originally Posted by brianhos View Post
    Why does it matter if they sell your loan? You are locked into those rates, so who cares?
    the only problem I have heard from this is lost payments or not paying your taxes and insurance like they should with escrow. My mortgage was sold to Citi Mortgage and I have been fine, but I know that bad things can happen.



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    Re: LendingTree.com??

    Quote Originally Posted by jdoggivjc View Post
    ...warned that bad things can happen if your mortgage ends up in another bank's hands - such as different policies that can affect your mortgage. Plus just because a rate is locked doesn't mean it's absolutely "locked" - my dad (who is much more knowledgeable about finances than I) and I had a conversation about mortgages, and if the bank has a compelling reason to "adjust" your rate (such as interest rates go through the roof) the bank isn't just going to lose money on your mortgage...
    The mortgage defines what each party is legally bound to do. If a mortgage is going to be sold, it has to conform to certain specs (and I've got no idea what they are), but a purchasing bank really can't change the terms of a loan once it's been made.

    If you've got a fixed rate mortgage, it's fixed. Otherwise it is somehow adjustable and you don't have what you think you have. A bank can't go and change interest rates on fixed rate loans because the interest rate environment has changed - they're stuck until the loan is paid off or matures.

    The one time that the terms _can_ change is if the borrower doesn't live up to their end of the bargain (late payments and the like) - but this is spelled out in the mortgage.

    What you were talking about sounds like something that a bank would get badly busted for when the examiners were looking at lending compliance.



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    Re: LendingTree.com??

    My mortgage was sold to CountryWide, and aside from sending your payments to a different address you won't notice any differences. When you sign your mortgage you sign certain terms and conditions, if a bank is going to be buying your mortgage they also have to agree to these terms and conditions.

    As for rates, fixed means fixed. If your rate is subject to change then it is not fixed.



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    Re: LendingTree.com??

    Thanks for all of the comments. I think I'm just going to stick with Wells Fargo. I have bill pay, checking, savings, credit cards, check card, a line of credit, and my current mortgage with them. I'll push to see if they can cut me a deal since I bank with them. I'd like to see a 0.25% cut for being a good customer. I don't think that is unreasonable.


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