E-Loan to Shut Down – Why Online Lenders Aren’t Cheaper

Online lender E-Loan recently announced that they will be shutting down their mortgage operations after the first of the year.  Most people will chalk this up as another lender cratering due to the credit crisis.  I chalk it up as just a failure of the online business model for mortgages.  Ever since the internet all [...]

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The Different Types of Mortgage Lenders

Consumers are often confused as the various types of mortgage lenders available to them.   It is extremely important that you know who you are dealing with when it comes to your largest financial transaction.
Mortgage Brokers: Often confused with the other lenders, mortgage brokers do not actually lend their own money.  Mortgage brokers arrange financing from [...]

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Mortgage Banks Holding Borrowers Hostage

Quite a few people who sought to refinance over the past month or so may have gotten some nasty surprises in regards to their second mortgages.  The second mortgage holder won’t let them refinance!  I know, you are saying WTF? 
What many people don’t know is that if you have a second mortgage or a home equity [...]

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What Gas Stations Can Teach Us About Mortgage Brokerages

The easiest way to explain how mortgage brokerages work is by using an unrelated industry.  Mortgages are not something people deal with frequently and because it is financial product, I can understand the confusion.  However, everyone can relate to buying gas.
Let’s imagine you are taking a road trip to visit your family this Thanksgiving.  About [...]

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Extreme Mortgage Company Makeover

Has anyone else noticed Ditech.com’s brand repositioning? I was watching TV the other day and I noticed a Ditech.com commercial and it actually looked like they were trying to come off like a respectable mortgage company. If you remember during the refi boom Ditech was all over the TV with their slap stick commercials showing [...]

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