refinance with direct lender

Hi

I have found a very good mortgage rate over the internet. The
interesting part for doing refinance over the internet are:
1. I can lock the rate right away, before my applicatioin form is
submited.
2. I do not need to pay some extra 0.5% fee to this "broker", since I
am dealing with the lender directly. So the closing cost is cheap.

But on the other side, I am kind of worried that once I paid fees, gave
all my personal information, what happen if the company turned me down
as they are giving me a rate that too good to be true, or they are
using my personal information to do some bad things ?

My question is is there a way for me to check that direct lender's
"CREDIT" ? What should I be care of when I am dealing with a direct
lender ?

If you have done such refinance before, could you give me some advise ?


-cji

Re: refinance with direct lender

Chug

I do not know how to rate the lender but I would think you can check
with state trade comminsion in the state when lender is license to do
business.

I am looking to refi my mortgage do you mind share how do you find
better rate and how did you compare the rate

Thanks
wrote:
> Hi
>
> I have found a very good mortgage rate over the internet. The
> interesting part for doing refinance over the internet are:
> 1. I can lock the rate right away, before my applicatioin form is
> submited.
> 2. I do not need to pay some extra 0.5% fee to this "broker", since I
> am dealing with the lender directly. So the closing cost is cheap.
>
> But on the other side, I am kind of worried that once I paid fees, gave
> all my personal information, what happen if the company turned me down
> as they are giving me a rate that too good to be true, or they are
> using my personal information to do some bad things ?
>
> My question is is there a way for me to check that direct lender's
> "CREDIT" ? What should I be care of when I am dealing with a direct
> lender ?
>
> If you have done such refinance before, could you give me some advise ?
>
>
> -cji

Re: refinance with direct lender

<> wrote in message
news:
> Hi
>
> I have found a very good mortgage rate over the internet. The
> interesting part for doing refinance over the internet are:
> 1. I can lock the rate right away, before my applicatioin form is
> submited.
> 2. I do not need to pay some extra 0.5% fee to this "broker", since I
>

Here is a good place to find answers to your questions:

Re: refinance with direct lender

On 17 Feb 2006 15:08:21 -0800, > wrote:
> I have found a very good mortgage rate over the internet. The
> interesting part for doing refinance over the internet are:
> 1. I can lock the rate right away, before my applicatioin form is
> submited.
> 2. I do not need to pay some extra 0.5% fee to this "broker", since I
> am dealing with the lender directly. So the closing cost is cheap.

The first question is how did you find out about them? Was it a firm you
were familiar with or other reputable source? Is the lender licensed to
do business in your state? I certainly hope it was not a link in e-mail
or news spam.

> But on the other side, I am kind of worried that once I paid fees, gave
> all my personal information, what happen if the company turned me down
> as they are giving me a rate that too good to be true, or they are
> using my personal information to do some bad things ?

If they are reputable, they just sell your name to snail mailing lists.

If they are a scam, they could steal your identity and/or suck your
accounts and credit dry. Whatever you do, don't stop making payments on
your existing loan until you have closed the new loan "face to face". Too
many people use on-line brokers that tell them that will all be covered,
and then drag their feet, causing late payments, ruined credit, maybe so
they can then jack up their rate.

> My question is is there a way for me to check that direct lender's
> "CREDIT" ? What should I be care of when I am dealing with a direct
> lender ?

You could start with a web search of their company name and domain to see
if there are reports of unresolved problems with them.

> If you have done such refinance before, could you give me some advise ?

I refi'd last spring with my existing lender when they opened branches in
my area that were competing with each other. I picked the best fixed rate
(instead of no-fee). Since they already had all the paperwork (including
original appraisal) total closing costs were only $170 to shave off 7
years of payments and $62k in interest (20 yr refi, 3 yrs into a 30).

Re: refinance with direct lender

David Efflandt wrote:
> On 17 Feb 2006 15:08:21 -0800, > wrote:
> > I have found a very good mortgage rate over the internet. The
> > interesting part for doing refinance over the internet are:
> > 1. I can lock the rate right away, before my applicatioin form is
> > submited.
> > 2. I do not need to pay some extra 0.5% fee to this "broker", since I
> > am dealing with the lender directly. So the closing cost is cheap.
>
> The first question is how did you find out about them? Was it a firm you
> were familiar with or other reputable source? Is the lender licensed to
> do business in your state? I certainly hope it was not a link in e-mail
> or news spam.

I found these mortgage companys and their rates from
mortgage.yahoo.com. I don't know if it is enough that I should not
worry about the credit of these companys.

-cji