Has anyone taken out an online mortgage?

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CULater
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Has anyone taken out an online mortgage?

Post by CULater » Tue Aug 07, 2018 9:12 pm

Looking for a mortgage and wondering about online mortgages; e.g., Quicken, Penfed. Has anyone done a mortgage with one of these and can report their experience? I'm buying a condo in Arizona but am not residing there currently. What is the best way to compare rates and closing costs between online lenders?
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UniversityEmployee9
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Re: Has anyone taken out an online mortgage?

Post by UniversityEmployee9 » Tue Aug 07, 2018 9:16 pm

Yes, Quicken, went smoothly.

kiddoc
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Re: Has anyone taken out an online mortgage?

Post by kiddoc » Tue Aug 07, 2018 10:11 pm

I quoted with multiple online lenders before settling with pitting Bank of America against one of them to get the best rate (BoA won). Make sure you make a list and compare various fees they are charging you. They make it sound like "we are giving you the best rate and deal". However, when I made all the adjustments, Quicken's origination and other add-on fees were 2-3 times that of any other lender.
"The four most dangerous words in investing are: 'this time it's different.'" - Sir John Templeton

CULater
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Re: Has anyone taken out an online mortgage?

Post by CULater » Tue Aug 07, 2018 10:14 pm

kiddoc wrote:
Tue Aug 07, 2018 10:11 pm
I quoted with multiple online lenders before settling with pitting Bank of America against one of them to get the best rate (BoA won). Make sure you make a list and compare various fees they are charging you. They make it sound like "we are giving you the best rate and deal". However, when I made all the adjustments, Quicken's origination and other add-on fees were 2-3 times that of any other lender.
Do you have to go through the process of making an application and providing your financial information to each of these to get a quote and fees? Were you online with Bof A as well, or in-person?
May you have the hindsight to know where you've been, The foresight to know where you're going, And the insight to know when you've gone too far. ~ Irish Blessing

kiddoc
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Re: Has anyone taken out an online mortgage?

Post by kiddoc » Tue Aug 07, 2018 10:25 pm

CULater wrote:
Tue Aug 07, 2018 10:14 pm
Do you have to go through the process of making an application and providing your financial information to each of these to get a quote and fees? Were you online with Bof A as well, or in-person?
The application part depends on the lender. Most lenders should be able to send you a fee disclosure and give you an estimated rate quote by asking you for some information about the property, your income and a rough estimate of your credit score. However, nothing would be guaranteed until you fill out an application and they pull your credit. I got initial disclosures and quotes from 4 local banks/credit unions and 3 or 4 online lenders/aggregators. Then, I filled out applications with the 3 best quotes and had them pull my credit in the same week. The financial documents like W2s, 1099s and proofs were sent only to the final lender.

BoA was online but the last-minute haggling was over the phone with 3 lenders in the game. BoA basically said, "We want you as our customer. Send us anyone else's best offer you get and we will beat it". That's exactly what they did.
"The four most dangerous words in investing are: 'this time it's different.'" - Sir John Templeton

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whodidntante
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Re: Has anyone taken out an online mortgage?

Post by whodidntante » Tue Aug 07, 2018 10:42 pm

My credit union matched the rate of Quicken. But I don't think the approval and closing process was any faster or easier that way. The closing costs were shockingly low though.

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Re: Has anyone taken out an online mortgage?

Post by MikeG62 » Wed Aug 08, 2018 7:07 am

Not exactly on point, but I opened a HELOC with Pen Fed back around 2003. It remained open for about a decade. In fact, I ended up paying off my remaining mortgage with the HELOC (when there was about 2-3 years left on the mortgage) as the rate on the HELOC was lower than the rate on my mortgage.

I subsequently applied for new homeowners insurance and the process was slowed down because the insurance company wanted some kind of paperwork about the HELOC (I can’t remember what exactly at this moment). That slowdown annoyed me as I was not even using the HELOC so I closed it.

Anyway, the application was done online as far as I recall.
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cdu7
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Re: Has anyone taken out an online mortgage?

Post by cdu7 » Wed Aug 08, 2018 7:09 am

Yes, LenderFi, easy, quick, and good rates.

niceguy7376
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Re: Has anyone taken out an online mortgage?

Post by niceguy7376 » Wed Aug 08, 2018 7:10 am

Applying for mortgage loan at multiple places within a 10 day (or 2 week) frame is a single hit on your credit score.

We did our loans through online process (never met and they dont have office in our state) and it was same as the one with local mortgage lender/broker.

Everything is mostly email or upload of documents and communication by email or phone.

bh7785
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Re: Has anyone taken out an online mortgage?

Post by bh7785 » Wed Aug 08, 2018 8:35 am

I went through Consumer Direct Mortgage (FirstBank). It wasn't too bad. Not as smooth as when I went through Bank of America previously.

CULater
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Re: Has anyone taken out an online mortgage?

Post by CULater » Wed Aug 08, 2018 9:28 am

cdu7 wrote:
Wed Aug 08, 2018 7:09 am
Yes, LenderFi, easy, quick, and good rates.
Checked this and they seem to have a $100K minimum loan amount, which is more than I'll need. Odd.
May you have the hindsight to know where you've been, The foresight to know where you're going, And the insight to know when you've gone too far. ~ Irish Blessing

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Re: Has anyone taken out an online mortgage?

Post by Grt2bOutdoors » Wed Aug 08, 2018 9:32 am

CULater wrote:
Wed Aug 08, 2018 9:28 am
cdu7 wrote:
Wed Aug 08, 2018 7:09 am
Yes, LenderFi, easy, quick, and good rates.
Checked this and they seem to have a $100K minimum loan amount, which is more than I'll need. Odd.
Wells Fargo I recall wanted me to borrow at least $75k, they wouldn’t do anything less than that.
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middistancerunner
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Re: Has anyone taken out an online mortgage?

Post by middistancerunner » Wed Aug 08, 2018 9:40 am

Also worth noting that Ally has a formal rate match guarantee. If you send them a formal loan estimate from another lender they will match the interest rate (not sure about closing costs)

They were willing to match even my crazy-low subsidized mortgage rate, which was far below market rate (3.4% on a 30 year fixed, originated in June 2018.)

GAAP
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Re: Has anyone taken out an online mortgage?

Post by GAAP » Wed Aug 08, 2018 9:41 am

Did an online refi several years ago -- just needed a local mobile notary for the process. No real issues.

Started the process to buy a house last year using Quicken, but the local sellers were highly resistant and essentially forced me to go local -- something of a pain when the new house was two states and 700 miles away... I had no issues with the Quicken process while I was in it.

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Re: Has anyone taken out an online mortgage?

Post by Minty » Wed Aug 08, 2018 9:43 am

In Fall, 2016, we refied after shopping on Bankrate and Zillow. IIRC, the online form required inputting information, but I got nonbinding quotes with no credit pull, until I actually applied to a specific lender. We went with an outfit called AnnieMac in New Jersey, and all went smoothly. 3% fixed on on a 20 year loan, about 55% loan to value. They matched someone else's offer that came in after I got started with them. They sent a notary to my house to do the closing, and he notarized something else I needed signed as well for free!
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CULater
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Re: Has anyone taken out an online mortgage?

Post by CULater » Wed Aug 08, 2018 4:16 pm

So far, Penfed has been the most transparent regarding fees -- right on their website. Quicken wants me to go through the process of credit check, financial records, etc. before they'll say anything so I will probably eliminate them for that reason. Most lenders seem cagey about fees and want you to prequalify but I'm leery about credit pulls and sharing financials until I'm down to the short strokes with lenders.
May you have the hindsight to know where you've been, The foresight to know where you're going, And the insight to know when you've gone too far. ~ Irish Blessing

Gray
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Re: Has anyone taken out an online mortgage?e

Post by Gray » Wed Aug 08, 2018 4:39 pm

I went with Navy Federal, all online.

Ally beat Navy, so Navy matched.

Quicken was woefully uncompetitive.

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sunny_socal
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Re: Has anyone taken out an online mortgage?

Post by sunny_socal » Wed Aug 08, 2018 5:14 pm

I've used aimloan.com and amerisave.com, both with good results.

Due to slower response time I would ONLY use an online bank for a refi, never a new purchase. You can always refi to something better right after the deal closes.

CULater
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Re: Has anyone taken out an online mortgage?

Post by CULater » Wed Aug 08, 2018 5:29 pm

sunny_socal wrote:
Wed Aug 08, 2018 5:14 pm
I've used aimloan.com and amerisave.com, both with good results.

Due to slower response time I would ONLY use an online bank for a refi, never a new purchase. You can always refi to something better right after the deal closes.
I'm a newbi on this stuff. Guess you're saying to just get a mortgage with no prepayment penalty and then you can refi at will? But then you'd have to pay the closing costs all over again, yes?
May you have the hindsight to know where you've been, The foresight to know where you're going, And the insight to know when you've gone too far. ~ Irish Blessing

tj218
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Re: Has anyone taken out an online mortgage?

Post by tj218 » Wed Aug 08, 2018 5:52 pm

I've used First Internet Bank twice now, for a purchase and also a re-finance. They aren't the rock bottom lowest rates you can find, but they are much lower than B&M banks. While I know it doesn't mean much for mortgages the fact that they have FDIC coverage for their normal bank accounts gave me a bit of peace of mind. All paperwork could be submitted through a secure web portal and it was very easy. They give you a contact person out of their Indiana office who can ease your mind or walk you through anything you aren't sure about.

If I recall waiting on the appraisal company was the only slowdown but that was more on the appraiser. All in all I think both times it took less than 45 days from application to close. Working with the title company was seamless too. They did sell off the note after a few months to a different party, but everything was automatically updated. I would definitely use them again.

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whodidntante
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Re: Has anyone taken out an online mortgage?

Post by whodidntante » Wed Aug 08, 2018 6:07 pm

CULater wrote:
Wed Aug 08, 2018 9:28 am
cdu7 wrote:
Wed Aug 08, 2018 7:09 am
Yes, LenderFi, easy, quick, and good rates.
Checked this and they seem to have a $100K minimum loan amount, which is more than I'll need. Odd.
I honestly would shop for 100k because that is a typical cutoff for the best rates. Some banks will issue a mortgage for less, but the might charge you a higher rate.

CULater
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Re: Has anyone taken out an online mortgage?

Post by CULater » Wed Aug 08, 2018 6:12 pm

whodidntante wrote:
Wed Aug 08, 2018 6:07 pm
CULater wrote:
Wed Aug 08, 2018 9:28 am
cdu7 wrote:
Wed Aug 08, 2018 7:09 am
Yes, LenderFi, easy, quick, and good rates.
Checked this and they seem to have a $100K minimum loan amount, which is more than I'll need. Odd.
I honestly would shop for 100k because that is a typical cutoff for the best rates. Some banks will issue a mortgage for less, but the might charge you a higher rate.
Don't see how I can do that since the property price is only $108K.
May you have the hindsight to know where you've been, The foresight to know where you're going, And the insight to know when you've gone too far. ~ Irish Blessing

RickBoglehead
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Re: Has anyone taken out an online mortgage?

Post by RickBoglehead » Wed Aug 08, 2018 6:55 pm

Quicken is a high pressure sales environment. You can always get a better deal.

We did a mortgage with ING Direct 11 years ago (they are no more, Cap One took over and now has sold mortgage). Worked fine except for a mistake that I caught at closing on HELOC rate. Called them, they said they record all calls, replayed it a week later and I was right.

IMO, online vs physical bank is no different.

CULater
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Re: Has anyone taken out an online mortgage?

Post by CULater » Wed Aug 08, 2018 7:27 pm

Quicken did seem a little high-pressure to me too. Didn't care for the attitude that I had to complete the application process to get a quote and fees. Not gonnadoit.
May you have the hindsight to know where you've been, The foresight to know where you're going, And the insight to know when you've gone too far. ~ Irish Blessing

The Big Apple
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Re: Has anyone taken out an online mortgage?

Post by The Big Apple » Wed Aug 08, 2018 8:31 pm

CULater wrote:
Wed Aug 08, 2018 5:29 pm
sunny_socal wrote:
Wed Aug 08, 2018 5:14 pm
I've used aimloan.com and amerisave.com, both with good results.

Due to slower response time I would ONLY use an online bank for a refi, never a new purchase. You can always refi to something better right after the deal closes.
I'm a newbi on this stuff. Guess you're saying to just get a mortgage with no prepayment penalty and then you can refi at will? But then you'd have to pay the closing costs all over again, yes?
You can refinance anytime, but will need to pay closing costs again. However, if this is a state with a mortgage tax, it may be worth finding a lower rate to start with. In these states, if you refinance, you may have to pay this mortgage tax again. From a Google search, it appears that Alabama, Florida, Kansas, Minnesota, New York, Oklahoma and Tennessee have mortgage taxes.

Also, look into choosing your own title insurance company. The mortgage lender is allowed to involve an affiliate in the title insurance, and prices are usually higher that way. One option is Entitle Direct. If you refinance, go back to that same title insurer and ask them for a quote for the refinance, as well (many times they give you a discount within a certain number of years of the original loan).

Cody
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Re: Has anyone taken out an online mortgage?

Post by Cody » Thu Aug 09, 2018 9:01 am

I was not happy with Penfed for a number of reasons. The process was almost blind to me. We could not tell where we were in the process. I finally got upset with one of the agents (not rude though) and they put me on a "special list" with special help. Before that I felt like I was being handed off from one agent to another. An example of the problem was: even after we had already made several payments my Insurance agent emailed me and ask why Penfed what a certain document. He had never had that request after a loan had been approved. Still not sure why that was done after the loan was approved.

We did get the best rate going (2.5%). That was great though.

Cody

athan
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Re: Has anyone taken out an online mortgage?

Post by athan » Thu Aug 09, 2018 9:25 am

Minty wrote:
Wed Aug 08, 2018 9:43 am
In Fall, 2016, we refied after shopping on Bankrate and Zillow. IIRC, the online form required inputting information, but I got nonbinding quotes with no credit pull, until I actually applied to a specific lender. We went with an outfit called AnnieMac in New Jersey, and all went smoothly. 3% fixed on on a 20 year loan, about 55% loan to value. They matched someone else's offer that came in after I got started with them. They sent a notary to my house to do the closing, and he notarized something else I needed signed as well for free!
Bankrate and Zillow are by far the best way to find the lowest online lenders. The rates are already online. I shopped around last year when I bought my house, and ended up using Garden State Home Loans. Easiest mortgage process I've been through (used medium and big banks for prior mortgages). I feel like it is a secret that only a few people know about. I looked into penfed and Quicken, which were both thousands of dollars more expensive to close, with higher rates.

Colorado13
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Re: Has anyone taken out an online mortgage?

Post by Colorado13 » Thu Aug 09, 2018 7:06 pm

I refinanced a mortgage with PenFed, it was not the original mortgage. Closing was smooth - they came to my workplace so I could sign the papers there. Communication prior to closing was poor; they didn't keep me informed of the process and this was not my first refi, so I wasn't a complete newbie. I don't love Penfed's website and customer service is average or below. I got a great rate, but am doubtful I would ever use PF again for a mortgage.

Good luck!

armeliusc
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Re: Has anyone taken out an online mortgage?

Post by armeliusc » Thu Aug 09, 2018 7:40 pm

I refinanced with Sebonic / Cardinal Financial, getting their rates through bankrate.com. Once I started, the whole thing was done within about 10 days. I was actually a bit surprised at how easy it was; everything was online and I just needed to upload documents. On the day of closing, someone come to meet me for the wet signatures which they then overnight, and that's it.

Bogle_Bro
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Re: Has anyone taken out an online mortgage?

Post by Bogle_Bro » Thu Aug 09, 2018 8:35 pm

whodidntante wrote:
Wed Aug 08, 2018 6:07 pm
CULater wrote:
Wed Aug 08, 2018 9:28 am
cdu7 wrote:
Wed Aug 08, 2018 7:09 am
Yes, LenderFi, easy, quick, and good rates.
Checked this and they seem to have a $100K minimum loan amount, which is more than I'll need. Odd.
I honestly would shop for 100k because that is a typical cutoff for the best rates. Some banks will issue a mortgage for less, but the might charge you a higher rate.
This is true.

Higher rates on lower loan amounts to make the transaction profitable enough to do for the banks

Bogle_Bro
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Re: Has anyone taken out an online mortgage?

Post by Bogle_Bro » Thu Aug 09, 2018 8:38 pm

armeliusc wrote:
Thu Aug 09, 2018 7:40 pm
I refinanced with Sebonic / Cardinal Financial, getting their rates through bankrate.com. Once I started, the whole thing was done within about 10 days. I was actually a bit surprised at how easy it was; everything was online and I just needed to upload documents. On the day of closing, someone come to meet me for the wet signatures which they then overnight, and that's it.
Side note

I worked for them...

Sebonic on any given day may have the absolute lowest rates in the entire industry thru bankrate

Alternatively, applying directly at cardinal , the parent company, results in much higher rates than the industry average.

Different lead source, different pricing.

Bogle_Bro
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Re: Has anyone taken out an online mortgage?

Post by Bogle_Bro » Thu Aug 09, 2018 8:40 pm

CULater wrote:
Wed Aug 08, 2018 6:12 pm
whodidntante wrote:
Wed Aug 08, 2018 6:07 pm
CULater wrote:
Wed Aug 08, 2018 9:28 am
cdu7 wrote:
Wed Aug 08, 2018 7:09 am
Yes, LenderFi, easy, quick, and good rates.
Checked this and they seem to have a $100K minimum loan amount, which is more than I'll need. Odd.
I honestly would shop for 100k because that is a typical cutoff for the best rates. Some banks will issue a mortgage for less, but the might charge you a higher rate.
Don't see how I can do that since the property price is only $108K.
Boa doesnt have a minimum loan amnt if your still shopping

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Earl Lemongrab
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Re: Has anyone taken out an online mortgage?

Post by Earl Lemongrab » Fri Aug 10, 2018 1:36 pm

I got a home-equity loan from PenFed years ago. It was a slow process at the time and required a lot of following up from me. Got it done and no fees.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

seawolf21
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Re: Has anyone taken out an online mortgage?

Post by seawolf21 » Fri Oct 19, 2018 5:44 pm

athan wrote:
Thu Aug 09, 2018 9:25 am
Minty wrote:
Wed Aug 08, 2018 9:43 am
In Fall, 2016, we refied after shopping on Bankrate and Zillow. IIRC, the online form required inputting information, but I got nonbinding quotes with no credit pull, until I actually applied to a specific lender. We went with an outfit called AnnieMac in New Jersey, and all went smoothly. 3% fixed on on a 20 year loan, about 55% loan to value. They matched someone else's offer that came in after I got started with them. They sent a notary to my house to do the closing, and he notarized something else I needed signed as well for free!
Bankrate and Zillow are by far the best way to find the lowest online lenders. The rates are already online. I shopped around last year when I bought my house, and ended up using Garden State Home Loans. Easiest mortgage process I've been through (used medium and big banks for prior mortgages). I feel like it is a secret that only a few people know about. I looked into penfed and Quicken, which were both thousands of dollars more expensive to close, with higher rates.
I also give a thumbs up to Garden State Home Loans.

I just started thru the mortgage process about 3 weeks ago. Got quotes/credit pulls from large banks (Citi/Chase/BoA/Wells Fargo) as well as Quicken, Costco, and bankrate. The large banks were just nowhere competitive. Neither was Quicken. Costco affiliates lenders were not too bad but the best offers were from better.com and Garden State Home Loans (GSHL).

GSHL has the best initial offer. They were offering loans from United Wholesale Mortgage and they were offering free appraisal (credit at closing) and $28 credit report which to my surprise GHSL was willing to pass along to me without markup. GHSL wanted to charge origination for a 45 day lock instead of default 30 day.

Better.com offers 45 day lock by default. Better had a price match and beat competition by $1,000 offer so they did honor that when I provided GHSL loan estimate. Their website look pretty good. While loan officer was responsive (half a day to respond), GHSL’s response were a lot quicker.

I took better’s matched offer by $1,000 back to GHSL, and not only did they matched it, they also waived the originating fee they had originally wanted to charge for a 45 day lock. I went with GSHL because the loan officer responded very quickly. better’s response time was great buy GSHL was better. GSHL also had better ratings (close to 5 stars) on bankrate.

The entire process with GHSL has been great. I would definitely also consider better.com in the future.

THY4373
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Re: Has anyone taken out an online mortgage?

Post by THY4373 » Fri Oct 19, 2018 5:48 pm

It has been a while I haven't owned real estate for a few years but in the previous 15 years I used USAA (not competitive, horrible service surprisingly ), PenFed and Costco and had no problems other than USAA which was outsourced at the time I think.

texasdiver
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Re: Has anyone taken out an online mortgage?

Post by texasdiver » Sun Oct 21, 2018 2:20 am

I’ve done it three ways in the past 10 years

1. In person through the branch office of a local lender
2. Through a strictly online lender
3. Semi online through a brick and mortar lender located on the other side of the state so it was mostly online and phone but not as slick or automated as the big strictly online lender

Honestly it was basically the same process all three times. I guess the underwriters basically demand all the same background documents from all lenders, or at least those planning to market the mortgage, so it is the same either way.

The strictly online lenders are the easiest if you are computer savvy and used to creating and dealing with .pdf documents and using online forms for uploading and that sort of thing. As a teacher I do that kind of thing all day long anyway so no big deal. But for my parents or anyone not really used to working with digital documents it would probably be easer to use a local lender so you can give them paper documents and they can deal with the scanning and copying and such.

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4nursebee
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Re: Has anyone taken out an online mortgage?

Post by 4nursebee » Sun Oct 21, 2018 3:17 am

We considered refi of our heloc to get lower payment. Transaction costs were near 6%.

We did not go forward.

It was easy, no fees. Took longer than a minute...
4nursebee

Golf maniac
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Re: Has anyone taken out an online mortgage?

Post by Golf maniac » Sun Oct 21, 2018 7:31 pm

For OP, I would have no qualms taking out a purchase mortgage online. Read the reviews and ask people, but I wouldn’t worry about it being online. Go for the best rate with the lowest closing costs.

We are building a home and closing in under 90 days so I am watching the mortgage market closely. I am following bankrate.com and aimloan to find the best rate. Given where rates are headed I wouldn’t mind getting a 90 day lock from United Mutual Funding, but I am waiting to see how they compare to Aimloan’s 60 day lock. If big difference I will just wait, if 1/8th difference I will probably go ahead and lock. United Mutual also has one free float down on the rate lock, but there are no online publishing of their rates, so have to contact them for current rates. I definitely want to lock before the December Fed meeting.

srt7
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Re: Has anyone taken out an online mortgage?

Post by srt7 » Sun Oct 21, 2018 8:11 pm

I've done both PenFed and Quicken/Rocket at different times for different properties.

PenFed was great with rates and closing costs so went with them.

Quicken ... not so much. Costco's lenders had so much better rates and closing costs so went with them. Also, with Quicken, I had to deal with multiple contacts even at the primary level. It's been months that I've closed on the property and yet I get a weekly call from Quicken. I told them I bought the property so now their refinancing dept. is calling :oops:
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jbuzolich
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Re: Has anyone taken out an online mortgage?

Post by jbuzolich » Sun Oct 21, 2018 9:35 pm

+1 for aimloan.com. We've done a purchase and a couple refinances through them and it was quick and easy. I love the options of modeling the rates with the related closing costs, going less out of pocket when we wanted to.

rayout
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Re: Has anyone taken out an online mortgage?

Post by rayout » Sun Oct 21, 2018 10:15 pm

Costco mortgage was best rate for me. Fixed closing cost and great service to boot.

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