Thomas
Anderson,#2Consumer Comment
Sun, February 10, 2008
I never delt with DiTech but I used to see their ads in the cafeteria when I was working. A former colleague once said that at best they were no better than a local mortgage broker, and they did not know the local market at all. Yes, you may see some mortgages with points, but now I have also noticed that some lenders are larding their mortgages with fees of $1000 to $2000 that are ON TOP OF all closing costs. Bankrate.com lists mortgages and made the claim that a 5.46% interest rate was available...Not! The big print gave and the small print took it away. Personally, I am against all points and added fees. If you should move and end the mortgage early, those points & loans are lost- your APR has ratcheted upward. If you are refinancing to get a lower interest rate, you must remember that you are starting your loan over. My criteria is that the sum total of all closing costs, fees, and points must be recovered by the payment reduction within 24 months. So if you have $3600 in total closing costs, etc. etc. and you reduce your monthly payment by $200, you get your total costs back in 18 months. If you are buying a house, you should get one h**l of a good price......