Ditech Mortgage Rates Under 5%

Ditech, founded in 1995, is well known for its innovative mortgage plans (such as flat-fee lender programs), commitment to customer service, and low, competitive mortgage rates. Ditech (which is an abbreviation for “direct” access through “technology”) was one of the first companies to eliminate the middleman (the broker) through technology driven mortgage origination and funding. It is currently one of the leading mortgage loan originators and offers multiple financing products with different mortgage rates to fit most any buyer.

The 30-Year Fixed Mortgages, the most well known, are designed for people who plan to live in their home for 7 years or longer. The Ditech 30-year Fixed Mortgage Rate offers mortgage rate stability throughout the 30-year life of the loan. Ditech’s 30-year Fixed Mortgage Rate is currently at 4.5% for 2 points which means that on a $165,000 home, a buyer would have a monthly mortgage and interest payment of only $836 and it would pay $3,300 for the 2 points. The 30-year Fixed Mortgage Rate offers mortgage rate stability throughout the life of the loan. Ditech also offers a Flexible 30 Year fixed loan which provides for option of interest only payments for the first ten years yet the original low fixed mortgage rate stays the same for the full 30 years of the loan.

Jumbo mortgage rates which have been quite high over the past few months are finally starting to come down. The mortgage rate for a Ditech Adjustable Loan is 4.25% for 5 years and then adjusts annually. Points to get this mortgage rate are 2.25 (which means a ‘loan fee’ of .0225 of the loan amount).

Ditech also has other loan plans such as an Adjustable Rate Mortgage (ARM) and an Interest-Only Adjustable Rate Mortgage. Adjustable rate mortgage products typically have a fixed mortgage rate for a specific period of time – 3, 5, 7 or 10 years. During that fixed period, the payment covers interest only. Once the loan begins to adjust (after the fixed mortgage rate period), the mortgage rate changes on a fixed schedule based on the current rate index. These types of loan programs are usually popular with people who are going to be in the homes for less than the fixed period, people who are just starting out in the careers and expect their income to grow over the next few years and investors.

Ditech is ‘open’ 24 hours a day, 7 days a week, every day except Christmas and New Years Day; something that most brick and mortar lending companies can’t compete with. Their customer service is unparalleled and almost all documents can be signed on-line with Ditech eSignature(sm). Ditech sends a traveling notary right to your door, at your convenience for those documents that cannot be signed on-line and to make closing simple, easy and expedient for you. Ditech does offer competitive mortgage rates however with higher than average mortgage rate points; their loans can be more expensive. It is always wise to compare all aspects of loans not just mortgage rates when shopping for a loan. If ease, convenience, and on- line is important to you, Ditech is definitely worth checking out.

Author Andee Nast is a California Mortgage broker. You are welcome to contact Andee at andeen@charter.net or 1-800-694-2265 extension 15 or on my website www.andeeallen.com.