Mortgage Center
In this market, you have to be ultra careful about mortgage lenders..
they have to come to the settlement table with the money and with the rate they guaranteed and the closing costs they quoted.
This is a major problem.
One would assume this naturally would be the case. This is where the serious fault lies.
Companies change the rate, the closing costs owed, and even if/when the money arrives.
Rates change daily, thus you have to speak with a reputable lender who can guide you well.
Lenders are so hungry for business now, many are saying things that simply are not true, and buyers are getting hurt.
This can cause you to be in default - meaning you owe the money and have not bought a house - then what do you do???
You have a very serious problem.
This is why I NEVER recommend a .com company, nor any questionable one or one where I am not speaking with the lender, and even then, there have been problems. If you go to a Lending Tree for example, they will be pulling your credit report about 5x which will reduce your credit scores, and thus have a negative effect on your borrowing rate...thus my reason to NEVER go to a .com company...they will do you no good and not come up with the best product for you.
Bryn Mawr Trust has never gotten into the problems that are now in the market place because they were/are very careful about their loans and practices. They always honor their commitments and rates. I can not say the same about other companies.
As you know, the biggest companies have failed due to them making bad loans.
Thus, I have a very hard time recommending any lender other than Bryn Mawr Trust.
Tom DiBiase, Vice President
610 581 4818 Office
610 742 2367 Cell
610 526 2452 Fax
tdibiase@bmtc.com
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