Vinings GA Real Estate

Atlanta Mortgage Tips

Atlanta, Vinings, Smyrna

Ditech mortgage commercials have become as annoying as a bad rash on a hot day.

Each commercial ends with a frustrated pudgy little sales weasel saying, “Lost another loan to Ditech again.” But while this Boss Hog Jr. in the making is suppose to represent the competition, I think he better serves Ditech as their official mascot. To me, Ditech is like a bad used car sales man of the mortgage industry pushing lemons.

I may be more on track with that comparison than you realize because Ditech is actually a division of the General Motors financial division. You know, that massive car company running that big employee discount program that has been getting so much press. I think it is called the “You get screwed like we do” program. If you have done your research, this sales deal is really nothing more than great marketing without great value.

The mortgage programs that Ditech offers pretty much run that same path. They pitch a variety of no closing cost loans and home loans with low lending fees such as $395 designed to make the consumer feel like they are getting a great deal. In fact, their loan programs are probably some of the worst I have ever seen out there.

From what I can tell, they lure you in with slick marketing promoting an unbelievably cheap offer for home loan financing and sort of cover up when and how much your home loan is going to really cost you. Many of the closings costs that you think you won’t have to pay for ultimately show up later at the closing table. On top of that, their interest rates tend to be much higher. It appears that the better their deal sounds in the beginning, such as a “flat fee mortgage for $395” the higher the interest rate you will end up paying.

Georgia residents along with many others across the country have filed lawsuits against Ditech for just that very reason. They believe Ditech is in violation of existing laws that require a mortgage lender to reveal all closing costs and related terms of the agreement from the outset. I have referenced an Atlanta Business Chronicle article in relationship to this issue at the bottom.

Home loans and mortgages are just like any other product or service you are trying to buy, if it sounds too good to be true, it probably is. This is your money, your investment and your life, do you really want to partner with a company who starts out a relationship with you by being deceptive? Probably not.

If you have used Ditech in the past or considered them, please feel free to post your comments.

Atlanta Mortgage Tips

Atlanta, Georgia