I am in the process of Mortgage shopping for my first home and have narrowed the lenders down to Ditech.com and Wells Fargo. The fees are in the same ballpark and Ditech has a 5.625% rate for a 30 year fixed with 0 points. This is a quarter point better then Wells Fargo. If anyone has used Ditech before for a Mortgage can you give your opinions and experience with them. This is my first time I am Mortgage shopping so I am trying to get all the info I can. Thanks for the help.
Anyone Use Ditech.com for a Home Mortgage?
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Thanks for the reply, Yes they are owned my GMAC. They have been in business since 1995, but like I said I have never had a Mortgage before so I am trying to get all the info on them I can. thanks
While I have never used them, my mom works in a county clerks office in NY and every mortgage that gets signed in the entire county goes across her desk. She has never had one good thing to say about Dietec.com
I am not saying not to use them, just make sure you read all of the fine print before signing anything regardless of the lender.
I am not saying not to use them, just make sure you read all of the fine print before signing anything regardless of the lender.
medic, thanks for the reply. What are some of the negative things that your Mom has to say about Ditech? Are they common to most lenders or just Ditech/GMAC? Anything inparticular to watch out for? thanks
Okay, I spoke with my mom about this. She said that overall, Ditech isn't an overly bad company, but to be careful. They have a point system that allows them to charge interest on an amount higher than the borrowed amount. You can end up paying interst on $70,000 when you only borrowed $50,000. She said this is more common with people who refinance due to the fact that there are no real estate lawyers involved.
So it boils down to - make sure you or your lawyer understand the fine print. If you can get a good interest rate on the amount that you borrowed, they should be good to deal with. Make sure everything is set out up front before you sign anything.
So it boils down to - make sure you or your lawyer understand the fine print. If you can get a good interest rate on the amount that you borrowed, they should be good to deal with. Make sure everything is set out up front before you sign anything.
The one thing I remember her talking about was alot of hidden fees that actually end up costing more than a slightly higher interest rate.
I'll call her this evening and PM you after I talk to her.
Medic, instead of a PM, could you post here, so that we all benefit from the info? Thanks!
Thanks for the update, Medic!
Thanks for everyones replys. I ended up going with Wells Fargo in the end because thay matched Ditech's rate and had slightly better fees. Thanks again.
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