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Ruben Said:

Can anyone give me feedback on personal experiences with American Interbanc Mortgage?

We Answered:

Just because someone "offers" a low rate online doesn't mean you'll get it. That's kind of like believing what you hear the media say about interest rates. I don't care what anyone says, rates are not in the 4's. Well, they're not in the 4's unless you pay up front to buy your rate down. Most likely, you'll end up with something closer from 5.25% - 5.5% for a 30-yr fixed conventional, FHA, or VA Loan.

Remember, you can't lock into a rate until you've found a home, made an offer, and signed a purchase agreement. Often times, even then it's not in your best interest to lock into a rate just yet.

I personally have not heard of that lender. You can check www.ml-implode.com to see if they're in good standing or on the "watch" list of lenders who may be in trouble.

I hope this helps!

Dolores Said:

Is there any drawbacks to applying for mortgage (or pre-approval) online? Countrywide, lending tree etc.?

We Answered:

Chippy, it doesn't cost anything to shop around at all. From my experience as a mortgage professional, many of my would-be clients do end up with some roadblocks at other banks or lenders.

Nothing that I would do as a professional would hurt your credit, but it's hard to speak for others. It's a smart idea to get pre-approved before you make any major plans, and that can easily be done by providing a small amount of information.

So, no money upfront at all, and no credit bruise is what you should expect. Also, the informational introductory phone call only takes a few minutes and then your set.

Erica Said:

Favorite Lender question for Mortgage Brokers?

We Answered:

Thank you for asking this question. You have just saved MANY people from wasting time with an INCOMPETENT Broker. Then again, your website name should be a MAJOR clue.