Ditech Mortgage Review: Pros, Cons, Rates, What to Expect

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Ditech Mortgage is one of the more popular mortgage providers that are currently available. With a wide selection of educational resources and an impressive assortment of loan offerings, they have a lot to offer potential borrowers. In our article, we will be reviewing several important aspects of the company. We will offer a final recommendation for their services.

Ditech Mortgage – Details and Overview

Founded in 1995, Ditech Mortgage, otherwise known as Ditech Home Loans, is a very popular mortgage originator. The company regularly works with many different types of borrowers. From FHA loans to VA mortgages, they offer a broad selection of flexible mortgage options to prospective borrowers.

In addition, their website is home to many useful tools that potential home buyers will find very helpful. They also have a handy agent locator tool. This is useful for borrowers who prefer to work face to face with someone in their area. Currently, Ditech Mortgage is available in the majority of states in the U.S.

Ditech Mortgage Loan Process Explained

Preparing for Pre-approval

The first stage of the Ditech Mortgage loan process is the pre-approval. This is where you will contact a mortgage broker and work to establish a connection with them. The first stage of this process consists of sending in certain documentation.

The most important documents that relate to this step include your income documentation and tax return information. Examples of common income documentation include invoices and paycheck stubs. It’s best to gather information from the past two months to give the mortgage broker an average of your monthly income.

It’s important to note that the pre-approval is a bit different than the complete application. The pre-approval is designed to give you an estimate of what kind of home you can realistically afford. Ditech Mortgage accomplishes this by reviewing your income documentation and details like your credit score.

Once you have your pre-approval letter, you’re ready to start working directly with a real estate broker and looking for properties in your area. Remember to stay within your set budget that the lender has approved you for to increase your chances of success.

Making an Offer and Completing Your Application

At this stage in the game, you should have a property that you have decided on and be ready to make an official offer. If all goes well, the seller will accept your offer, and you will move further in the process. During this stage, you will commit to a specific loan program type with Ditech Mortgage. Fortunately, they offer a broad selection of loan program types to suit your unique needs.

FHA Loans

For first time home buyers, their FHA loan program is a very popular choice. It has down payment amounts as low as 3.5 percent and offers fairly flexible credit terms. The current rate for a fixed-rate FHA loan for 30 years is 4.375 percent.

They also offer specialty loan programs like VA loans that have no down payment requirement. To learn more about those types of programs and their current rates, consult with your mortgage broker directly.

Submit Documentation

home loan application form on table with pen, calculator

Once you have decided which loan program is right for you, you are ready to complete the final stages of your application. This will consist of additional verification steps similar to the prequalification stage. You will likely need to submit updated income documentation as well as copies of your current checking and savings account statements. In addition, most lenders require a verification of employment to be completed at this stage.

As for the property you are interested in, it will be subject to a variety of inspections and appraisal guidelines that are specific to your loan program type. As long as the home meets the requirements of your given loan program, things should advance smoothly to the closing stage. If there are any issues, your mortgage broker will contact you. Afterward, you will likely need to revise your offer with the seller to resolve any discrepancies.

Closing and Your First Payment

At this stage in the game, your loan application is fully approved. In most cases, closing occurs in as little as two weeks. At closing, you will sign your official loan agreement and receive your copy of the title as well as the keys to your new home. In addition, you will also receive your first payment remittance information that shows your account details with Ditech Mortgage.

Keep this account information safe at all times. You will need your Ditech Mortgage account number to successfully set up your account for online access. Using their online tools, you can easily make online payments as well as view important disclosures from the comfort of your own home.

PROs and CONs of Ditech Mortgage

PROs

  • Rates are listed clearly on their website.
  • Live chat is available for basic questions.
  • Available in all states.
  • A large variety of useful calculators and tools for new borrowers.

CONs

  • The website has a tendency to load popups that feel intrusive and pushy.
  • Customer service hours are a bit limited on Saturdays.

Ditech Mortgage Customer Service Review

Ditech Mortgage maintains a current rating of A+ on the Better Business Bureau website. While there are quite a bit of negative responses from customers in the past, Ditech Mortgage has successfully worked with customers to resolve all of the complaints listed on the website.

In addition to their commitment to solving customer concerns, Ditech Mortgage also offers multiple contact methods as well. Their website prominently displays both the customer service number and a live chat option. In addition, there is an email function available for more basic customer service needs as well.

Contact Information

Summing Up

Ditech Mortgage gives prospective customers access to a wide range of educational resources and tools that are very helpful during the homebuying process. With competitive rates and a wide selection of loan types, they have a lot to offer potential borrowers. If you have worked with Ditech Mortgage in the past, feel free to tell us about your experience with them.

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