LendingTree.com multiple banks fighting for you're Business' pleases what load of *! LendingTree is a sotto name for there own mortgage Co. Homeloan Center Inc.in which a so-called mortgage rep tells you after taking down your information. We are going to revue several offers, now remember this is on the Phone so how are We being me you to Know what the hell he's look at or is it just a written script that finally ends up with the so-called best offer coming from HomeLoan Center inc. Dba a Lending Tree Company.
Beware of upfront Charges being $600.00 for a locking rate on any loan from LendingTree dba Homeloan Center inc. Most banks or lenders will lock in your rate if you ask them to at the beginning of the negotiation and will only ask for a fee if you need to extend it.
When speaking to a Mortgage Rep who is someone they must have hired of the street more as a sale rep rather then a mortgage broker. Who has about as much experience as yourself in being a Brocker? Tells you send back all signed Disclosure statements, Agreements within 24hrs remember 24hrs? Along with requested information. IE W-2s, most recent Pay stubs, last mortgage statement. And so you do. But the appraiser will probably won't contact you for four to five days after the Disclosure & Agreements have been signed, and why you ask? Because you have the Wright to change you're mind within three days of signing any Agreement & Disclosure. So in fact you are set up to be locked in to a contract. And most likely the appraisers will under value your home causing them restructure you're loan and so called lock in rate to something more favorable to them. So in fact they get your monies whether you close with them or not.
LendingTree AKA HomeLoan Center inc. So called refund at the end of Closing. Please, the reason for that it is to push you to close with them. Talk about strong arming for your Business. Remember you must close with them in order for that upfront money to be returned and what LendingTree refer to true cost which is not it doesn't cover a lot things at the end of closing as stated in there own Disclosure & Agreement listed Below.
Don't get Locked into This...
Read there Discloser & Agreement Staement Below.
Home Loan Center, Inc., dba LendingTree Loans ("Lender") has established a Lock Program to permit you to lock-in both the interest rate and specified closing costs (TrueCostSM) on your requested loan. The Lock Program protects you against fluctuations in the home loan market by guaranteeing your loan terms for a specific period of time. Lender acknowledges that you have paid Lender a lock-in fee in order to qualify for the program on the loan terms set forth below. This lock-in fee is not refundable except as specifically provided herein. However, if your loan closes upon the terms stated below, Lender agrees to provide you a credit against your closing costs in the amount of the lock-in fee.
*On refinance loans, TrueCostsm does not include origination points, discount points, prepaid interest, county recording fees, insurance binder fee, HOA certification fees, and impounds for real estate taxes and insurance. TrueCost sm also does not include any fees or late charges demanded by your prior lender for subordination or payoff of your prior loan including reconveyance fees or any charge related to the preparation or delivery of the payoff demand statement. Some states, counties and municipalities require the payment of a mortgage tax at the closing of your loan. TrueCostsm does not include any applicable mortgage/property taxes, intangible taxes, documentary transfer taxes, or a tax of any kind. All escrow fees are included in TrueCostsm except fees to prepare a vesting/transfer deed, and courier fees/wire fees where you request expedited delivery of funds via overnight mail or bank wire. If a 442 final inspection is required for your property, this fee will not be included in TrueCostsm. *If your loan is a purchase transaction, TrueCostsm also does not include Title Insurance charges, Appraisal Fee, and Escrow charges. Lender has delivered to you a loan application checklist concurrently with the delivery of this lock this lock-in Disclosure. You must return all of the documents listed on the checklist within three (3) calendar days of the lock-in date stated above.in addition, you must return any follow up documentation requested by lender within one (1) day of such request. If you fail to submit this documentation within the foregoing time frame, your interest rate is subject to increase to reflect current market rates and you will not be entitled to a refund of your lock fee in such event. Although the Lock Program locks in the interest rate and TrueCostSM on your requested loan, this does not guarantee that your loan will close. Your loan application has received preliminary approval based on your Borrower Information shown above and other information provided to us by you during the application process. However, prior to closing your loan, Lender must verify property value, property conditions, mortgage insurance (if applicable), clear title, and certain other information that may be requested in order to evaluate your ability and willingness to meet your credit obligations and the value and conditions of the property. Please be aware that Lender does not warrant the lock-in period against any delays in processing and Lender is under no obligation to extend your lock-in period to close the loan on the terms stated herein. Because of this, it is imperative that you provide Lender all documentation requested to complete the review of your loan application within the time frames stated above.in locking this loan, Lender has relied on the accuracy of the application information you have provided during the application process.in the event that Lender is not able to close this loan and all of your documentation and information supports and is consistent with the data you provided Lender during the application process, then you will receive a refund of your lock-in fee. Your lock-in fee will not be refunded for any other reason, including the receipt of a property appraisal below the estimated value stated above. The maximum liability for either party hereunder is the above-stated lock-in fee.
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