There are several sites on the internet like Lending Tree and Ditech where they claim that you are able to get the lowest rate on mortgages possible because lenders “compete for your business”. In some cases this may be true, but don’t assume you are getting the best deal just because you are using one of those sites.
Mortgages are very complex and the rate of the loan is only one part of the total cost of the loan. I was talking to someone who just sold his house to a couple who used Lending Tree, but the time everything was done they paid about $4,000 extra in fees to their lender. If they had of gone with a reputable local mortgage broker they could have saved that $4,000–and had a much smoother transaction.
If you are looking for a mortgage, by all means shop around. Checkout sites like Ditech and Lending Tree to see what their rates are. Just make sure you look at the total cost and don’t automatically assume that they will have the lowest price just because you found them on Ditech.
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