Ditech Home Equity Loan Review

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Unfortunately, many homeowners don't understand how important it is to compare home equity loans. You are, after all, using your home as collateral. We decided to spend the morning scoping out the best lenders for home equity loans over a couple cups of coffee. Ditech is one of the companies we researched and right off the bat, we liked what we saw. Wonder how they measure up to the competition? Continue on below.

What's New?

Interest-only home equity loans available.
$49 second mortgage flat fee.
Free rate consultations.

Star Reviews Favorite Feature:

We really like Ditech's $49 flat fee approach. Rather than trying to guess exactly how much your home equity loan is going to cost you, Ditech sums it up in a very low and competitive $49 fee. The fee includes things like title search, the home appraisal, and any prepaid interest. Considering some companies charge hundreds (and sometimes thousands) of dollars for home equity loan summaries, Ditech's $49 fee is more than fair.

The Ditech Experience:

We were very pleased with the fact that the Ditech website is very easy to navigate. When you arrive on the Ditech landing page, simply click the "Home Equity" link and you'll be taken to the page where home equity loan information is available. From there you can sign up for a free rate consultation, review what the $49 flat fee includes, compare home equity loans vs. home equity lines of credit and apply for your home equity loan online.

We were happy to see that Ditech offered some in-depth articles on home equity financing. Whether you want to know how much equity you have in your home, whether you should use your equity to make home improvements or how home equity loans work, Ditech has articles with the information you're looking for.

Unfortunately, applying for a home equity loan on the Ditech website isn't easy as you'd think it would be. Rather than just filling out a one-page application, you have to actually register to use the Ditech website and then navigate a multiple-page application form. While it's not exactly rocket science, we felt Ditech could have made the process a little more user friendly. We did, however, like the 'My Account' function that allowed us to save our application and return to it at a later time, should we need to.

Ditech Features:

$49 flat fee 2nd mortgage
Free rate consultations
Informative home equity articles
Online home equity loan application

Ditech Customer Support:

The team at Star Reviews found Ditech's customer support to be lacking in professionalism and helpfulness. The first time we called the company, the rep we spoke with really didn't seem to know what they were talking about and refused to look into the questions we asked. When we asked to speak with a manager, we were disconnected rather than being transferred. We then called back and spoke to another rep.

While this one was more helpful than the first, the individual wasn't really any friendlier than the first and didn't seem to care about our first encounter in the least. It left us feeling less than "warm and fuzzy" about Ditech’s customer service and makes us wonder exactly what type of training their reps receive and how much Ditech really values its customers.

Upside:

$49 flat fee, informative articles, free rate consultations.

Downside:

Horrid customer service experience.

Summary:

If you're looking for a home equity loan, Ditech should be able to assist you. We really liked some of the resources and links they have available here, and liked the $49 flat fee including things like your title search, home appraisal, and prepaid interest. However, the loan application is a multiple step process, so it might be cumbersome for some individuals. There are free rate consultations here, should you need them, and several loan articles for you to read. Customer support was unfriendly, though, and left us with a negative impression of the Ditech customer support experience.

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Ditech Review

by expertsandy who has written 159 reviews and is trusted by 1 members

Ditech addresses the needs of customers for faster, easier access to mortgage loans. Ditech enables borrowers to obtain mortgages directly from a lender rather than relying on an intermediary such as a broker. Ditech makes this possible by making use of technology. This makes their service fast and effective. They offer you Free Accees to their "ditech on the Move Program" under which one of their Real Estate Coordinators will help you through all aspects of the real estate and moving process. All this comes at free of...

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