Hello group! I was wandering if anyone has any substantial information or views on dotcom mortgage companies such as Ditech or some companies like Lending Tree and if they are worth seeking a mortgage with decent rates? Any help greatly appreciated as always.

I tried Lending Tree when I was looking ot refinance about 3 years ago. I got contacted by ONE lender (not 4) and their offer was way high (close to 7%). I wound up refinancing through the current lender. I had 15 and 1/2 years to go on a ARM. I refinanced at 15 years (knocking 6 months off the term) at 5.25% (knocking over $50 off my monthly payment.

I do mortgages in order to pay my bills and buy food for my dog and his two cats. I have had no personal experience with the .com mortgage lenders. When I see their adds on TV, touting rates and APRs, considerably below what the market is, I can't help thinking that they might not be telling the truth. The rates that many of the TV networks quote from Bankrate.com are just plain wrong. When you go on their website to get quotes from lenders in your area, you will find variances of 1% or more. Considering that lenders all pull their money from the same pot, minor differences based on the lender's efficiency an agressivenes are to be expected. Big differences are nothing more than "Bait and Switch"; a very popular, if unethical sales tool. As the old saying goes: Figures don't lie, but liars can figure.

While I am ranting I should add my disgust with the lack of any licensing/background check/education requirements for mortgage loan officers (in AZ and probably most other states). Realtors, accountants, hair dressers and taco vendors all need a license, while loan officers do not.