IS IT SAFE TO DEAL WITH ONLINE MORTGAGE COS.?

madartist2 · Joined: 09 Sep 2007 Posts: 2 1.52 Dollars($)

MORTGAGE CAPITAL ASSOC. IN CAL.

madartist2 · Joined: 09 Sep 2007 Posts: 2 1.52 Dollars($)

MY LOCAL CREDIT UNION WANTS 6.25% WITH 1 POINT. MORTGAGE CAP. ASSC. OFFERED 6% AND NO POINTS. DO YOU THINK IT IS SAFE TO DO THIS? I HAVE ALWAYS DELT WITH LOCAL BANKS OR S&L

livinginnky · Posted: Sun Sep 09, 2007 8:02 pm Post subject:

Lenders and Brokers make money off the interest rate you pay. Some are more willing than others to make a deal. I have worked with people in the past who were fine with making $1000 on a mortgage loan. Other guys wouldn't take an application if they didn't think the could charge the maximum fee allowed. Don't know about the company you are talking about, but keep this in mind. If you talked to them and it sounds to good to be true and they don't seem trustworthy, you have to decide if the savings are worth it.

A lot of websites these days lead to nothing more than a lead generation front. Companies pay big money for leads and some unsavory types will advertise anything to get a lead.

Not saying this is what happened to you just saying watch out. I deal with my bank just because I have known them so long. I am a mortgage broker and my clients are the same way. They know me so they deal with me and don't care what I make, as they know they won't lose their house or more.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Madartist,

Welcome to the forum.

There are different lending options with different mortgage institutions. So it is quite obvious that the rate which the local credit union is offering might differ from the rate offered by Mortgage Capital Associates. The main thing that you should consider is to calculate the monthly payments with these two rates and then decide to go with either of these two companies.

Moreover, the community has a discussion on Mortgage Capital Associates. To know more on this company, you may refer to http://www.mortgagefit.com/companies/capital-associates.html

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