Anyone use/heard of "securelend"

Paymaster · 07-11-2005, 12:11 PM

My wife and I made an offer on a house on Saturday, and they accepted!

Now I am looking for financing. The "good' loan brokers that my realtor suggested are quoting me %6.00 with no points. Looking around, this seems pretty normal.

However, I have also found a few 5.5 loans with the same terms, and even a 5.25!

I go back to the brokers, and they say that it's a trick. They say that there is no way that it could be done. Of course, I have heard that before, and have gone with the lower lender, and been OK.

In that case, though, the lower lender was one that a friend had used, so I had some confidence. The 5.25 I found today is with "securelend" (www.securelend.com), which I have never heard of.

I don't want to get screwed, but the difference in rates is enough to make securelend a serious option.

Has anyone here used them, or do they have any other advice for me?

Has anyone been screwed by a discount loan before?

Paymaster · 07-11-2005, 06:24 PM

Alright... the 5.25 from securelend has a 5 year no-prepayment catch. The next runner up is a 5.625 from loans4less (www.loans4less.com). I've used loans4less twice before for re-fi's, and they always came through. The two other loan brokers I am talking to are trying to convince me that this 5.625 rate is 100% scam, and that it is absoutely impossible to provide a jumbo 30 year fixed loan under 5.875.

I'm going with loans4less... but wtf are these other lenders talking about? Are they just trying to scare me, or are they really that blind? One of them even called securelend and talked to them, and she still thinks that they are lying...

zippyjuan · 07-11-2005, 06:43 PM

Nothing is real and official until you have it in writing. Is it a true fixed rate or can it adjust in the future? Some are fixed only for a certain time period. There are actually longer term loans than 30 years too. My loan is thorugh World Savings- one of the top rated mortgage lenders. They tend to keep their loans rather than selling the to someone else. I had a second mortgage and it changed hands at least every six months which means you have to send your checks to some one else and there is a delay while it changes over. www.worldsavings.com I also do my banking through them.
http://www.worldsavings.com/servlet/...e=WeGIHoEH1397

Cubsfan · 07-11-2005, 06:51 PM

I went through the same thing when I bought my house. I went with Wells Fargo, for many of the same reasons zip said. I think the rate may have been .2-.3 different, but I felt better using Wells, whom I already bank with. Plus, being my first home, it was nice to have the bank employees right there to ask questions of (and boy did I!

)

07-11-2005, 12:11 PM	#1
Paymaster Commander Join Date: Jul 2000 Location: Middle Earth Posts: 1,367	Anyone use/heard of "securelend" My wife and I made an offer on a house on Saturday, and they accepted! Now I am looking for financing. The "good' loan brokers that my realtor suggested are quoting me %6.00 with no points. Looking around, this seems pretty normal. However, I have also found a few 5.5 loans with the same terms, and even a 5.25! I go back to the brokers, and they say that it's a trick. They say that there is no way that it could be done. Of course, I have heard that before, and have gone with the lower lender, and been OK. In that case, though, the lower lender was one that a friend had used, so I had some confidence. The 5.25 I found today is with "securelend" (www.securelend.com), which I have never heard of. I don't want to get screwed, but the difference in rates is enough to make securelend a serious option. Has anyone here used them, or do they have any other advice for me? Has anyone been screwed by a discount loan before? __________________ "eh, take your opinion and shove it... somewhere else other than this thread" ~ welfareloser

07-11-2005, 06:43 PM	#3
zippyjuan Picture of the Day Guru Join Date: Oct 2002 Location: Sunny San Diego Posts: 8,756	Nothing is real and official until you have it in writing. Is it a true fixed rate or can it adjust in the future? Some are fixed only for a certain time period. There are actually longer term loans than 30 years too. My loan is thorugh World Savings- one of the top rated mortgage lenders. They tend to keep their loans rather than selling the to someone else. I had a second mortgage and it changed hands at least every six months which means you have to send your checks to some one else and there is a delay while it changes over. www.worldsavings.com I also do my banking through them. http://www.worldsavings.com/servlet/...e=WeGIHoEH1397 __________________ I add new pictures to my photo gallery pretty regularly. You can see them here if you are interested: http://www.pbase.com/jeffryz

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07-11-2005, 06:24 PM	#2
Paymaster Commander Join Date: Jul 2000 Location: Middle Earth Posts: 1,367	Alright... the 5.25 from securelend has a 5 year no-prepayment catch. The next runner up is a 5.625 from loans4less (www.loans4less.com). I've used loans4less twice before for re-fi's, and they always came through. The two other loan brokers I am talking to are trying to convince me that this 5.625 rate is 100% scam, and that it is absoutely impossible to provide a jumbo 30 year fixed loan under 5.875. I'm going with loans4less... but wtf are these other lenders talking about? Are they just trying to scare me, or are they really that blind? One of them even called securelend and talked to them, and she still thinks that they are lying...

07-11-2005, 06:51 PM	#4
Cubsfan Rear Admiral Lower Half Join Date: Jul 2001 Location: Colorado Posts: 2,743	I went through the same thing when I bought my house. I went with Wells Fargo, for many of the same reasons zip said. I think the rate may have been .2-.3 different, but I felt better using Wells, whom I already bank with. Plus, being my first home, it was nice to have the bank employees right there to ask questions of (and boy did I! )

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