Posted by RJ Baxter on May 25, 2006 at 11:29:13:
I would agree with that
internet or bank loan - Posted by Timothy
Posted by Timothy on May 24, 2006 at 21:16:37:
With less than perfect credit, but getting much better, I am looking for a mortgage to buy a home for my family.
I see many advertisments for mortgages and wonder if it is legit. Am I better off at my bank, who I think sends their loans out of house? Or is it Okay to test the water with “lending tree” and other companies?
Will shopping around for mortgages have a negative effect on my credit rating?
I will look for other posts regarding this topic as well.
Re: internet or bank loan - Posted by carhee
Posted by carhee on May 26, 2006 at 12:02:01:
Be very careful when shopping for rates or the best loan. Theoretically if there are several inquiries within the same month …it won’t affect your score…but I’ve seen it happen too many times…and one time is too much. Get with a good local or out of town National “Lender” and they will have everyone else’s products as well as their own.
I agree there is no need to use an “internet” lender and it’s always better to start out with a live person (even if they are in another state) you can reach by phone and/or a live person that will return your calls.
Re: internet or bank loan - Posted by RJ Baxter
Posted by RJ Baxter on May 25, 2006 at 10:15:19:
With the way the mortgage business works these days, local lenders will do things the same way as a “internet” lender. Most of the transaction is handled by phone, fax, and email these days, and the file will probably be underwritten in another city anyway. Just be careful on the internet because there are a lot of unscrupulous lenders out there who will promise you the world and won’t deliver.
I will not hurt you to “shop”- any credit pulls within 14 days for the same reason will only count as one hit on your credit report.
Re: internet or bank loan - Posted by Shaun
Posted by Shaun on May 25, 2006 at 10:53:29:
I definately would not reccommend Lending Tree.