Residential Mortgage LLC

User Rating: 3 out of 5 stars

Residential Mortgage has a lot of advertising, but they're nothing special. Their rates are occasionally at, but often a little above, what you can get by going directly to a bank of credit union. We got our first mortgage (and later a 1% lower refinance) from them. The guy who handled our loan had a correspondence/distance learning PhD from an unaccredited school and displayed the diploma (and the MBA diploma from the same school) proudly on the wall. Frankly, for the role that he played, he only needed high school math. (The staff that you meet with are not the real finance people and are pretty unimaginative in thinking about different options for loans, as in terms, % down, points paid, 80/10/10s, etc.)

There's nothing wrong with Residential Mortgage, but after loan shopping with a local credit union (in other words, the institution that actually has the money to lend, rather than just arranging deals to sell off), there's no way I'd go back to a brokerage company.

Save yourself time and money and go directly to a bank or credit union.

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