Reputable online mortgage brokers?
April 15, 2011 11:32 AM   Subscribe

Anyone use an internet-only mortgage company to refi their mortgage?

If you go to a site like bankrate.com, there are very very low interest rates compared to the lowest ones found at bricks-and-mortar places (like my credit union). The online aspect of it makes me wary, however.

Anyone else go this road? If so, would you do it again?
posted by Pocahontas to Home & Garden (4 answers total) 2 users marked this as a favorite
 
Best answer: I've used Pentagon Federal Credit union (www.penfed.org) -- very painless process and they have very good reputation on fatwallet.com and elsewhere for their transparent pricing and low rates.

I have no military/ Pentagon affiliation, but joined some friend's and family association for one time fee of $20 just to get on the deal at the time. Since then we've used them for car loans and it's been very simple.

Read the fine print on all deals though and don't get yourself cornered by going beyond point of no return with a sub-optimal deal.
posted by zeikka at 12:12 PM on April 15, 2011


I have a refinanced mortgage with ING. It's only for 5 years, but at 2.99% I can make a lot of headway on paying off the principal.
posted by Kirth Gerson at 12:19 PM on April 15, 2011


Best answer: I used Quicken, and they're fine -- if you know what you're doing. It's important to realize that there's no such thing as a free lunch -- every refi company makes their money somehow: Everyone hides between $750 to $1500 in fees somewhere, either in the rate itself or in tack-on fees. Quicken was the most "honest cheater" of the bunch I researched, and I loved that I could do most of it online, and not deal with the greasy weasels in person.Your CU will offer you low rates and personal service, then lard you up with about $1250 in fees, with a smile. Quicken has lower rates, and makes its extra $750 by forcing you to use their affiliated title and closing companies (which is technically illegal), who overcharge for the title search and insurance. I called Quicken out on it, and my broker offered to mail me a check for $250 after closing. So my net "junk fee" was $500, which is a pretty great deal, all things considered. An added bonus is that almost everyone I dealt with (except the asshole closing company rep, who refused to admit she worked for Quicken) was unfailingly polite, and really quite professional.
posted by turducken at 12:49 PM on April 15, 2011


I went through AimLoan a few years ago and was happy with their service.
posted by doctord at 7:47 AM on April 18, 2011


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