ARCLoan.com

[CLSHomes]

Has anyone had any experience with ARCLoan.com? The "automatic rate cut loan" people. They're affiliated with National City Mortgage. I looked them up and they've got a local mortgage office, which is important to me as far as going through the loan process.

 

On their site they say that when you enter their program, you will be shown options that allow you a closing cost credit. This credit may be sufficient to cover ALL CLOSING COSTS in your state....and that you can save more money if rates drop whenever the ArcLoan® reduction rate falls by at least 1/4%.

 

Anyone know anything about them? Are they one of those online lenders that sell/give your information to other companies and end up ruining your credit rating from all the unnecessary inquires?

 

How about Mortgage.com or Borrow123.com :?: :?:

[CLSHomes]

[DACMAN]

This is just a neat marketing spin.

 

All this is is doing a No cost refi for a customer if rates drop by 1/4 percent.

 

Generally we do not do them unless the drop is 1/2 percent as the savings to the customer in not much

 

Example:

 

Current rate w/ Closing Cost: 5.25%

 

ARC Loan rate with No cost: 5.75%

 

6 months later if rates drop 1/4 %

 

New current rate w/ CC : 5.0%

 

New ARc loan rate 5.5%

 

Rate for no cost option is always higher.

 

Reason for 120 watin period is they (broker) have to payback the yield spread if loan pays off in 120 days.

 

Any educated lender/broker can do this

 

Nice marking idea though.

[willtygart]

And they say all guys in Ohio are slow 8)

[DACMAN]

just me