If anyone remembers my “i hate my bank” posts… large bank purchased mine and it has gone to crap… in the old days (2yrs ago) i had private banking… they would and did… redo my loans whenever it was good for me… they just did it never even consulted me… they would call and tell me to come sign some papers they just found a way to save me XXXX $$$ per month…. I didn’t know how special this relationship was until it was gone… hell i even thought it was the norm to have my banker write and take a check to pay for my wifes christmas present…
so i have a few interest only loans float’n out there and I’m not real big on opening mail much less reading it…. everything i do is auto deducted and i get at least 200 pieces of mail from my bank in any given month… I CAN SPOT the mail with the return checks and i know to open those… I’ll let alot slide but give’n me a check that bounces ranks way up on my do not do list … so far up, that in all my leases it’s real clear… bounce one check it’s $150.00 returned check fee and I will no longer accept your checks for the rent… they now must pay with postal money orders OR cashiers checks… anyway….
seems my interest only loans that use to be at 4.75% are now float’n around 8%… took me 6-9 months to spot this…. I’m not a happy camper…. so with a few strokes of the keyboard I’m apply’n for loans online… or show’n interest
at 8am this morning I’m getting phone calls from lenders, second call was from Quicken…. I given him the scoop… he gets my info… a few more phone calls he checks my credit… by lunch the loan is approved and all paperwork ordered… checked my credit i guess… they don’t need any documentation from me other than proof of insurance and proof i paid off/resolved a bogus judgement… (long story but a lesson learned)… that was it… no tax returns no nothing… and an interest rate a point below what i’d have been happy with…
I’m inpressed… i got 3 more calls from lenders after I’d ok’d the deal with quicken…told em all i’d already done the deal… 1 asked “Quicken?” he said hard to beat them at this game…
anyone have experience with online loans or quicken?
p
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http://www.quittintime.com/
damn, am I fat!
It sounds like everything's working for you with quicken.Do you have any friends who are realtors? If so, asked them if they have gotten burned by an online lender in a real estate transaction. I bet they have.If you were selling a piece of property and the buyer comes along and they've got an online lender or out-of-state lender it makes you nervous. (As opposed to having their lender right their in your town).I'm a realtor and I listed a house in june 06 and it went under contract quickly and it was supposed to close in july. The out of town lender called off the closing and resceduled several times as they just weren't ready. They couldn't seem to get things together. The seller was about to have a nervous breakdown trying to decide whether to walk away from the screwy deal. It did finally close though.Some home sellers won't accept a contract which involves an out of town lender. They ask the buyer to come back when they have local financing.I know another realtor who writes in the contract that the buyer will pay a penalty of $300 or $400 if they have an out of town lender and they cancel closing.I'm guessing you would have local lenders lining up at your door wanting to do business with you. Why not work with a local guy?^^^^^^
S N A F U (Situation Normal: All Fouled Up)
I'm guessing you would have local lenders lining up at your door wanting to do business with you. Why not work with a local guy?
I"ve always been a "dance with the one that brung ya" type guy... so i have about all my banking and loans with one bank..... that bank is now not the bank i use to have... (purchased by another bank)
I'm at the point now where I don't want all my eggs in one basket... I don't want christmas cookies, I don't want to be "friends" with my banker... I don't want to give up a half a point here and there because ... well... they know me have everything and it's easy... I want the best deal with the least amount of human interaction... sounds cold... but just the way i feel about banks right now...
I never shopped loans before... never felt the need... I had trust in those that took care of my banking needs...
P