The Not so Transparent Mortgage Co.
Like most of us I get a large percentage of my information from Television. I, like most Americans, was constantly inundated with ads about DiTech and how great they are how transparent they are and up front they are and how for only $395.00 closing cost you can get a loan. First, let me say I do not think Bill Gates could get a $395. closing cost loan. Second, They are about as transparent as MUD! My mother had it right when she said these folks would tell you something 3 or 4 different ways before they would tell you a lie. My experience started off like you would expect, you call them up or send an email to get the ball rolling. They do a quick look at my credit and then said, "Oh yes no problem". Well weeks go by and I'm continuing to give them all the documents they ask for. Weeks go by and I'm told were closing soon. Oh yeah, you closing cost will about $3,000 dollars and the interest rate will 6.75%. I ask about the $395. But was told I did not qualify. O.K. I agree to the $3,000. The estimate comes in and is still in range for the loan, I'm told. Weeks go by and I'm finally told were good to go, but my Closing cost will almost $8,000 dollars and the interest rate will 8.5%.
Well, I said no way I can't do that. Then the pressure starts. You have to do the load. Nope, I don't have to the loan. NO problem you won't have to come up with any money we'll finance it all. No thanks I said. I get calls and emails insisting that I take the loan.
I finally had to email them and copy the Federal Trade Commission before they stopped.
Then I get this letter in the mail saying I did not qualify for the loan and they have reported me to all three credit reporting agencies. Telling them my credit is bad and the house did not appraise high enough and much more.
If this sounds like a unscrupulous company, well again mama said, "If it walks like a duck, quacks like a duck, it is absolutely a DUCK!"
I can truthfully tell you that I would not trust this company or its people as far as I can toss them. I also believe it is due to business practices like these that have the country in the mortgage mess it is in.
I do not recommend DiTech.com to ANYONE!
Keep looking and do your homework and do not settle for just a mortgage. I feel sure there are honest mortgage companies out there. So, if you know of any please feel free to write me.