Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Second Home Mortgage -- Internet Lenders??
Old 02-21-2005, 08:15 AM   #1
Recycles dryer sheets
 
Join Date: Nov 2004
Posts: 224
Second Home Mortgage -- Internet Lenders??

My bride and I would like to buy a second home down in GA in order to deal with our New England winters (yeech). I would normaly go to either my local bank in MA or a bank in GA. Any thoughts on using one of the internet lenders for such a loan; eloan, lendingtree, whatever?

I owe nothin' to nobody and have a FICO score in the 800s, if that matters.
__________________

__________________
Rich is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Second Home Mortgage -- Internet Lenders??
Old 02-21-2005, 11:54 AM   #2
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
Re: Second Home Mortgage -- Internet Lenders??

I tried lending tree, but always end up going back to etrade. Quick, cheap, come to your house, the garanteed up front fee really is the fee, you don't get jacked around. Good luck.
__________________

__________________
laurence is offline   Reply With Quote
Re: Second Home Mortgage -- Internet Lenders??
Old 02-21-2005, 02:34 PM   #3
Recycles dryer sheets
 
Join Date: Nov 2004
Posts: 224
Re: Second Home Mortgage -- Internet Lenders??

Checked out site. Looks interesting. Thanks.
__________________
Rich is offline   Reply With Quote
Re: Second Home Mortgage -- Internet Lenders??
Old 02-23-2005, 05:45 PM   #4
 
Posts: n/a
Re: Second Home Mortgage -- Internet Lenders??

Just closed on a property today. We decided not to go the mortgage route. We have excellent credit but the hassles with the excessive paperwork and the outrageous closing costs are not worth it.

Instead we used the equity in our home to buy it outright. No income verfication, no application fees, no loan origination fees etc.. Closing was also a breeze - done in 15 minutes. We also got a much better deal on the house since I offered cash.

We will only be paying interest and plan to pay off much faster than the 15 year term. Alltogether we saved a couple of thousand on closing and thousands more on the house price.

Tried lending tree first but went again with Wells Fargo.

Depending on how much your house is worth and what kind/price of second home you are looking for, you may want to check this out too.

Vicky
__________________
  Reply With Quote
Re: Second Home Mortgage -- Internet Lenders??
Old 02-24-2005, 12:50 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Second Home Mortgage -- Internet Lenders??

Buying with cash is a lot easier.

I closed on my current house in 10 days. Actually had the keys and was in it in 9 but legally wasnt mine until the next day. The seller agreed to a much lower price when I told them we'd close that fast and my cash payment was already confirmed - home was already vacant and they wanted the $$$. No waiting 3 months for the financing to clear like I had to do when I sold my old house :P

I paid $252k when several almost identical homes on the same street went for $265-270.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Reply

Tags
mortgage


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Equity Is Altering Spending Habits and View of Debt Craig FIRE and Money 6 02-21-2009 01:25 PM
6 Mortgage Myths sgeeeee FIRE and Money 117 04-30-2008 02:58 PM
30 year mortgage runnerr FIRE and Money 25 07-21-2005 08:23 AM
pay off mortgage tednvon FIRE and Money 61 05-09-2005 04:04 PM
mortgage versus debt free? dory36 FIRE and Money 20 06-01-2003 05:11 PM

 

 
All times are GMT -6. The time now is 01:08 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.