Anyone have experience with or heard of lendamerica.com?

[no_hypocrisy]

My friend wants to refinance his ARM loan but I'm unsure whether he should get involved with a lender that is primarily doing business over the internet. The site look innocuous, but I'm more traditional, opting for a credit union mortgage.

Any information would be appreciated.

[Donnachaidh]

1. have him request PAPER copies of all documents

He SHOULD be leery of an internet agent.

And don't sign ANYTHING until he's gotten the paperwork, had a chance to read them, and run them past a lawyer - especially the fine print.

[no_hypocrisy]

2. Thanks. Good advice.

:hi:

[Warpy]

3. I like to keep it local

even if it's a bit more expensive to do so. That way, there is an office I can go to if something screws up that I need to straighten out, like the post office losing a payment check. That did happen once and I was able to walk in and show them the carbon and keep my credit report clean.

Chances are that the online credit outfit would sell your paper to somebody else at some point, especially if they do risky loans and need to get out from under. Keeping it local also avoids that, as the possibility that something will go awry and leave you looking like you're in default tends to happen while paperwork is being shuffled.

[Greyskye]

4. Be careful

A sidebar in this document (http://www.anhd.org/resources/hosi%20evaluation.pdf) calls them a 'predatory lending agency'.

I'd go the more traditional route myself.

[Donnachaidh]

5. awesome link -- thanks! n/t