Ditech Mortgage Loan Review

Ditech Mortgage Loan Review

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Seems like Ditech Mortgage is back in the game with new ownership under Walter Investment Management Company. Before I get into it, it’s necessary for you, the readers, to keep in mind that they’re an online-based mortgage provider with considerably competitive rates in the mortgage industry, with one ideal in mind: Working with people who do not have the most ‘ideal’ situations to find a suitable home loan.

Here’s the three approached you should expect from them: Direct-to-consumer lending via their website and 1-800-number, retail lending via 200+ loan specialist nationwide, or through correspondent lendings with 600+ partners.

“Please call us today 800-700-9212 or fill out the form below so we can help you get preapproved for a mortgage and make the process that much simpler!”

Ditech In-depth Analysis:

In regards to what Ditech has to offer with their loans, they offer Fixed-rate loans, ARM, FHA loans, or even jumbo loans.

Essentially, fixed rate loans run 10 to 30 years in five-year increments. Adjustable Rate Mortgages (ARMs) typically have a fixed rate term of five, seven or 10 years. You can currently get a 30-years fixed mortgage at 4.375% and a 15-year fixed mortgage at a 3.625% rate. They even reportedly offer 8-years fixed mortgages if traditional just isn’t your style. However, it seems that most people just prefer ARMs on the basis that they already know when they’ll sell their house or refinance before the fixed-interest term is abrupt. ARMs typically run as 5/1, 7/1, and 10/1, hybrid.

Read about:   FHA vs Conventional: Which Low-Down-Payment Loan is Best?

It’s necessary to keep in mind that this mortgage lender does NOT have local agents, but does business out of four main branches. They have qualified agents to issue loans in 49 states including Washington CD, but all agreements will be made via phone or online. Get ahold of a loan officer and ask all the important questions correlating to the mortgage loan as you need and the loan officer will then run you a quote.

Key benefit that makes Ditech an attractive option is their low processing fees, which can be waived in certain instances. Keep in mind that you would need a minimum of 5 percent for a down payment, standard to avoid paying private mortgage insurance, however, the lender doesn’t really have a preferred down payment specified. Ditech does have a preferred debt-to-income ratio and minimum credit score.

low processing fee, which the loan agent we spoke to said can be waived in certain cases. You need a minimum 5 percent for a down payment, which is the standard to avoid paying private mortgage insurance.

Ditech Mortgage Summary:

  • Apply Now
  • Maximum Loan: Not Specified
  • Account Type: Mortgage Loans
  • Availability: Nationwide
  • Expiration Date: None
  • Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
  • Monthly Fee: No maintenance fees
  • Closing Loan:
  • Home Appraisal is needed.

Ditech Basic Requirements:

  • Review your purchase loan options
  • Understand your credit
  • Calculate payments

Next, begin gathering your documents, including:

  • Income documents such as paystubs, W2s and tax returns
  • Bank account statements
  • Purchase agreement (if buying a home)
  • Additional documents

Income Documents:

  • Pay Stubs covering the customer’s most recent two pay periods for each applicant.
  • W-2 Forms for the previous two years.
  • Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
  • If the customer is self-employed, the two most recent years’ business tax returns are also needed.
  • For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
  • For self–employed business income,year-to-date profit and loss statement and balance sheet.
  • For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
Read about:   Mortgage Officer Reveals What You Want To Know About Mortgage And Refinance Functions

Asset Documents:

  • Two most recent months’ bank statements. All of the pages.

Other Documents:

  • Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
  • Mortgage statements for all properties owned that have liens.
  • Copy of driver’s license or State I.D.card for all customers.
  • If divorced, the customer’s fully executed divorce decree.

Ditech Additional Information:

Recognize the ditech name? You may remember it from some iconic TV spots back in the day (“Lost another loan to ditech!”). Today, they’re a completely new mortgage company with a familiar name. See for yourself.

They are in the business of helping Americans realize the dream of home ownership. The irony is that while buying a home can be a joyful and uplifting experience, getting a mortgage can be anything but. We aim to change that.

Their purpose: securing the American Dream
Their approach: helpful, responsive, efficient and fair
Their values: honesty, responsibility, transparency and creativity
Their promise: to put your needs first!

In today’s fast-paced world, we realize that when it comes to getting a mortgage, you’re seeking a reliable partner that:

  • makes the home loan process as easy as possible
  • offers a low rate (see for yourself!)
  • closes on time
  • eliminates the stress
  • keeps you informed

Your closing is just the beginning.

Once you are part of the ditech family, you’ll find we provide an exceptional Customer experience throughout the life of your loan. We’re ditech, a Walter Company. Count on us to be your home lending partner for life.

Conclusion:

Recognize the Ditech Mortgage name? You may remember it from some iconic TV spots back in the day (“Lost another loan to ditech!”). Today, they’re a completely new mortgage under Walter Investment Management Company. Some highlights, they do business via either phone or online with 200+ loan specialist serving 49 of the states of United States + Washington D.C..

Read about:   Caliber Home Loans Mortgage Review 2020

They offer Fixed-Rates, Adjustable-Rate Mortgages, FHA, and so much more. Their mortgages may be worth considering on the premise that their rates are lower than average as well as their fees. Note that this agency does not have local agents.  Be sure to check out our Best Mortgage Rates for all your home-buying needs!

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