Intercoastal Mortgage

Anyone with a new Van Metre home use Intercoastal mortgage to finance it? Van Metre offers incentives to use their mortgage company but when I checked their rates they seemed higher than some other lenders. Did anyone else find them to be higher or am I missing something? Does it pay to shop around even if you loose their $5000 in closing incentives?
Should I be posting this on the Homeowners Board?
Thanks all!

 

When we closed on our home short of checking a credit union, they had the best deal at the time, lowest rate we found and no one could beat the savings with the incentive thrown in.

 

We used them. I regret it. We refinanced shortly thereafter. I thought they were ridiculous, questionable, and I would never recommend them. Not that I have an opinion or anything.

 

We used them and did not have a problem. They imidiately sold us to another company. We refinanced soon after that. Originally the rate we got from them was the lowest around at the time. (This was 2 years ago). However,I would definately do my research and make sure the 5k is worth it before going with them.

Denise

 

Selling mortgages is a common practice. In fact, about 90% of mortgages are resold. Over the past 20 years we have had 5 mortgages and refinanced at least 5-6 times and every single one was sold...sometimes two to three times.

 

Selling mortgages is normal. lying to you about what will and will not happen at closing, not providing the disclosure statement ahead of time, and hiding fees that aren't know until closing day are, although not perhaps completely unknown, not legal business practices. (BTW, this was the 3rd house I've bought and intercoastal was the worst mrtgage experience). After wating so long to get into the house, we went ahead and closed with intercoastal and refinanced quickly. we didn't lose much because of the 5K, but we certainly didn't reap it, either.

 

We had no hidden costs or anything, they were pretty much cut and dry the best deal we got at the time we looked. We had 3 different companies in 1 year buy our mortgage and we refinanced as well but still thought we got the best deal. Now depending on when you looked at using them, that could be the difference.

 

We were going to use Intercoastal at the time of purchase due to the convenience and the incentives until we discovered that they would not provide a mortgage to a foreign diplomat. Therefore we ended up having to go through Riggs Mortgage which -at that time- had a program for diplomats. Since then however we also refinanced once we found a reasonable mortgage company that was willing to work with a foreign diplomat.

 

In our most recent refinancing, we went through World Mortgage. We did a CODI loan (CODI = Certificate of Deposit something). In retrospect I would not have selected a CODI loan because your interest varies every month, but it did work out for us because the COD rates dropped during the last two years.

World Mortgage has very hard to understand contracts, it took me a month of questions & answers with my rep before I finally understood the contract and agreed to the mortgage.

On the positive side, World Mortgage has the BEST customer service I've ever encountered. They are pro-active, friendly, and helpful. Don't understand something? They'll get a specialist on the line to explain it. Want to make a change? No problem. I'm very impressed by them.

My only problem is that I can't pay my home equity loan with World Savings using their online banking. You can only do that if you have a World Savings checking or savings account. If World Savings had branches here, I'd probably switch to them.

--- John B.

 

Small but growing. At the time, they offered the best deal. They even told me up front that my load would be sold. Sold later to Wells Fargo. Didn't have a problem and the service was good even though my mortgage was small.

-Teak

 

When we closed, we were all set to go with Bank of America, Intercoastal was really way to high, then when they found out we were going with someone else, Intercoastal got on the ball, and beat Bank of America by 1/2 a percent and still gave us the $5k. Shopping around is the best way to go.

 

We used them and their rate was lower than my existing bank / mortgage company .... So, I took advantage of $5000 credit ...
I guess it all depends on what rate you are being offered by
Intercoastal ... but if it is about the same .. it seems like a no brainer, no [8)]