Ditech.com

[HoleshotHolset]

Anyone ever deal with these folks?



Shopping for mortgages is more of a PITA than shopping for houses!



Matt

 

[Casey Ray]

IMHO.... They rock...

Last time I refied I went with them. I honestly could not believe how quickly everything was handled. If I was to refi again, I'd use them again. Guy came out on Saturday to take pix, loan approved on Monday, signed papers a few days after that and had my $ in hand after the cooling off period, went from a 30 yr to 15 yr and took out $ and my payments stayed about the same. My credit union by comparison took almost 2 months and the interest rate had changed during the wait and I had to fight to get the original lower rate.



Another person here at work used them after I suggested looking into DiTech. He was equally pleased.





Casey

 

[HoleshotHolset]

Casey: Thanks for your input...



I dig Ditech's $395 closing cost option... . every place else I have found is at least $1500... some were as high as $2200.



There's always tradeoffs and stuff to watch out for, though. Ditech seems to be shooting straight from the hip for the most part...



I also have to figure out if I really need a buyer's agent or not. The agent that took me out to see a house yesterday is really nice (and very easy on the eyes!) - but I'm not sure if I need my own agent. She swears up and down that it won't cost me anything - I've heard that line before.



Back to the research... .



Matt

 

[TPCDrafting]

We had a buyers agent when we moved here. She took us from house to house. She also made sure we were represented in the closing and took good care of us. Didn't cost us a thing, she got her cut out of the selling agents commission. 2. 5% of 6% If I remember right and to be honest she did more work than the other.

 

[TnLRacing]

Matt Find a agent of you own.

 

[apkole]

The typical way they word it is, ". . . . . and no out of pocket expense to you. " What you want to watch out for is closing costs and fees added onto your mortgage. Then you get to pay interest on those charges as well. Just a heads up.



Our mortgage is with GMAC, and if I understand correctly, DiTech is somehow connected.

 

[JPope]

"... Our mortgage is with GMAC, and if I understand correctly, DiTech is somehow connected. "



Same with me, and my understanding is that Ditech is the internet/TV sales arm/tool of GMAC. Connected at the top.

 

[HoleshotHolset]

I'm really new to mortgages and ya'all have fed me a bunch of good info.



I was always under the impression that I had to come up with all the mortgage closing costs - by writing a check. Now ya'all are starting to make it sound like they can roll that into the mortgage... ?



I have yet to even talk to anyone about a mortgage... most of these people are like used car sales representatives... no offense.



The agent I have been dealing with said the same thing - that she'd get her cut out of the selling agent's cut... it reminds me of a pack of lions - those that are 'most important' get to eat first... then what's leftover is left for everyone else.



Good info, great advice - thanks!



Matt

 

[jtisdale]

what exactly is a buyers agent? I never heard of one. What do they do that you cant do yourself?

 

[TPCDrafting]

They have access to the MLS. I told mine what I was looking for, she pulled together a list of what was available, lined up the showings and provided information to me about the homes in my best interest. Rather than calling the selling agents of the homes I was interested in only to have them tell me anything I needed to hear to make the sale. As the selling agent, they have the sellers best interest in mind. My agent steered me away from a few houses that I had picked to see knowing what I was really wanting. Saved me a bunch of time and still didn't cost me a thing.

 

[Rogue Ram]

My wife and I have been thru real estate agent hell the past few months... ... . here in Oregon we can get all the listings on the 'net, and we are DONE dealing with any agent supposedly representing "us". We can find properties on the 'net and deal directly with the listing realtor... ... ... . and it may work better because they aren't splitting commissions thus no incentive to screw us at the last minute for a better deal.



Good luck... .....



RR

 

[apkole]

Always remember, the realestate agent's loyalties lie with he who pays the comission. And that is the seller, not the buyer.

 

[Elite1]

Originally posted by TPCDrafting

We had a buyers agent when we moved here. She took us from house to house. She also made sure we were represented in the closing and took good care of us. Didn't cost us a thing, she got her cut out of the selling agents commission. 2. 5% of 6% If I remember right and to be honest she did more work than the other.

That's strange, here in Calif. , the selling (listing) agent gets 3% and the buying agent gets 3%. (in most deals)... although if you don't have a buying agent, and you deal direct with selling agent, then the selling realtor is the selling agent and the buying agent, and collects the full 6%. IMO there is sometimes a conflict of interest if you don't have your own agent, because the agent may not be looking out for your best interest, may be looking out for the sellers best interest... or visa versa.

 

[Big P]

You have to watch the closing cost thing. You pay Ditech 395 but you will also have to hire an attorney to do thing such as a title search, title insurance and all sorts of other little things which can add up over a thousand easy. I just refinaced this winter through Lending Tree, I forget the actual numbers now, but we'll say they wanted 1200 for closing costs. This included EVERYTHING! A notory came to MY house to finalize the deal. It was acually cheaper and more convienent than going with a company whose costs were "just" $395. I hear ya, buying a house sure is a P. I. T. A.

 

[jtisdale]

Sounds like a lot of shuck and jive to me.

Why cant you just go to the realtor and tell them what you are looking for, and set up an appointment to go look at a few places. Sooner or later you will find one, make an offer (contingent upon financing and/or other conditions) apply for the loan, close on the deal, and move. Its really not that hard. Ive done it several times.

Anyone that earns a commission (aka buying agent) is driven to sell you the most expensive home they possibly can. Thats how they make their money/earn their living. Besides, its still your money. You dont think the seller has that built into the price? Cut out as many people as you can and save yourself some money.

 

[Hohn]

I guess we were lucky.



We went with a local real estate agent who was highly recommended and is known beyond the area.



We also went with a LOCAL mortgage lender, based on her advice.



The process was a lot less painful than I had been led to believe. We uses a VA loan, and that cuts closing costs while adding additional paperwork and headaches.



Overall, I was VERY happy with the professionalism and service of our realtor (Cynthia Biggs of Re/Max) and our lender (Cyndi Bradley of Wallick and Volk) here in Cheyenne.



Justin

 

[Rman]

My wife is a real estate agent and you guys really have the whole perspective wrong. Believe me there are many cut throat agents out there but really they do work for you and you need to make them do that.



About the selling the most expensive home thing... you're kidding right? Believe me, my wife makes plenty of money because she sells a boat load of houses, she gives up commissions regularly to make deals happen for people who don't have the cash. Their job is to find you a house that you want, not to sell you the most expensive home they can.



If you think you can do it n your own then so be it, I garauntee you that you can't. Agents will not work with you. If you do not use a buyers agent, you are give the full 6% to the selling agent. IF you had a buyers agent of your own, working for you, that agent normally gets half of that.



Buyers agents know market conditions, they can help you write offers and save you money. My wife does both and almost has a brokers license now and should be moving on to bigger things. Once she starts selling farms I'm quitting my job... . hehehe!



I really think some of you have the wrong idea of the real estate agent thing.

 

[Rman]

Oh yeah, my wife ALWAYS recommends her lenders and title companies that her office regularly deals with. The transactions go so much smoother. It's a busy business with many people wanting you're money. Using the right folks to get the job done is important.

 

[Rman]

Originally posted by Rogue Ram

My wife and I have been thru real estate agent hell the past few months... ... . here in Oregon we can get all the listings on the 'net, and we are DONE dealing with any agent supposedly representing "us". We can find properties on the 'net and deal directly with the listing realtor... ... ... . and it may work better because they aren't splitting commissions thus no incentive to screw us at the last minute for a better deal.



Good luck... .....



RR

this is called a limited agent, where they represent both parties... . if you think that's better for you, then so be it. Trust me, it's always better to have your own agent working in your behalf. Not a limited agent that cannot disclose information to you.



Like I said before, a good agent is making money already, screwing their clients by adding in money in the end is wrong. If your agents feel they need to do this, it's time for a new agent. My wife is very upfront with her people, she tells it like it is. Some people like that, others don't (like when their dumpy house isn't worth what they refi'd it for)



Which brings up another point, those of you refi'ing, becareful, there's tons of bad appraisers out there and can bury you in your house! We see this all the time. People want to sell and can't get what they have into it because they refi'd and financed way moe than they should have!

 

[HoleshotHolset]

Now I'm hearing both sides of the story - this is good.



I'm 90% with Tisdale on this one... I love cutting out 'middle-men'. To be honest - when I looked at that house last Friday, I saw all of the house's flaws right away... so I'm not really sure what an agent would tell me that I wouldn't already see with my own eyes.



I have access to the MLS as well - so do all of you. http://www.realtor.com



I actually found the house I went to look at last Friday... and quite a few more where that one came from. BUT, in the agent's defense - until I sign up with her, why should she go out of her way to help me find a place? I think she took me up there to help wet my appetite and show me how much of a good person she is and what she can do for me, etc.



So - besides the down payment... I gotta come up with a few grand in paperwork out of my own pocket that can't be rolled into the mortgage? I want to have this down to a science before I even talk to any mortgage folks or persue looking at more houses.



'Yall have made some awesome points so far - keep it up!



Matt