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Question : What is the catch with places like lending tree?
Or other places where they say you can get really high home loans for what seems to be a very low monthly payment.
- asked by boomer349
All Answers: Answer #1High interest rates and you'll be making those low monthly payments for many, many years.
- answered by Patricia S
Answer #2
Hmmmm.....what happens if you miss a payment?A house is not your asset. It's your liability.Itbelongs to the mortgagor.
- answered by Smilin' Fred
Answer #3
And then they sell you contract to someone elseand they sell your contract to yet anothermortgage company and they keep doing that untilyou no longer know who you're dealing with. Stickwith the bank.
- answered by valducci53
Answer #4
Whenever you see an AD for a ridiculously lowpayment, they are referring to the MTA orPick-a-pay loan. This payment is based off thestart rate on your loan. If you were to make onlythis payment you would have negative ammortizationand your principal balance would actually go up. These can be great loans for those who understandthem. Lending Tree gives your info as a "lead" toother lenders who have paid to be on LendingTree's network. Get ready for a lot of contactfrom them if you give your info! To stay incontrol, I would contact the lenders yourselfinstead. Try Eloan, Ditech, and Choice Finance.
- answered by mortgage help
Answer #5
Lending tree jsut sells your name to brokers.Be;lieve me. Ive bough tthousands from them. andUh 90% of banks sell of there paper. And it doesntmatter who they sell it to rates do not change. soyou can sign with anyone and every 3 motnhs makethe check out to a different comapny. Its jsut howit is. live with it.
- answered by greg v
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