Author Topic: Owning.com  (Read 4215 times)

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Offline irvinehomeowner

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Owning.com
« on: October 04, 2019, 07:44:32 AM »
I know this place has been mentioned in the "How low can it go?" thread (I called it owing.com) but this company is interesting. I hear their ads on the radio all the time and their marketing strategy is intriguing.

The first ads I heard were something like:

"We are mortgage pros who worked for other companies and wanted to streamline the mortgage process so we created a company that has zero fees, low paperwork and low rates."

The next ads I heard were:

"We can close your loan in as little as two weeks."

And

"We really have zero fees, if you APR does not match the interest rate, then there are hidden costs which we don't have."

And

"You don't have to start paying 30 years when you refi with us, if you have 27 years left, our refi will also have 27 years."

The latest one is:

"You can refi up to the full value of your home, and then use that cash to buy investment properties and we will give you those loans because we can qualify you based on your rental income."


And on their website, they have "Zero down loans" but those are only available in Southern California. Why would only SoCal qualify for those type of loans?

A few posters have mentioned their satisfaction with Owning.com and by the looks of it, they are more than just lenders, they also do the buy/sell side of real estate (including "buying your home for cash" and #maxrebate).

Who are these guys? Former Ameriquest/Countrywide/Downey/WaMu execs?
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Offline bones

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Re: Owning.com
« Reply #1 on: October 04, 2019, 07:52:07 AM »
Google search led me to this:
https://www.thetruthaboutmortgage.com/owning-review/

Maybe zero down only in SoCal because you have to use them as your purchase agent.  Also they're based here so if things go south with the loan, it's easier for them to deal with.

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Offline aquabliss

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Re: Owning.com
« Reply #2 on: October 04, 2019, 08:01:06 AM »
Anyone know what is the true cost of a 30yr loan or refi with owning?  Their website says “no closing costs” but not sure if they charge appraisal, lender fee, etc?

Cashcall mortgage has a bit lower rate (3.362) with $995 flat fee.  I’ve used cahscall and they didn’t have any other hidden fees.

Offline irvinehomeowner

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Re: Owning.com
« Reply #3 on: October 04, 2019, 08:01:29 AM »
Thanks bones.

It's interesting, the zero down has a max purchase of conforming at $726k which basically DQs most Irvine SFRs. And there is a 3.5% fee? How is that zero down?

The buy for cash also has a max limit of $700k, so no Delano customers. :)
Once you go 3-car garage... your junk can never go back.
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Offline irvinehomeowner

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Re: Owning.com
« Reply #4 on: October 04, 2019, 08:02:23 AM »
Anyone know what is the true cost of a 30yr loan or refi with owning?  Their website says “no closing costs” but not sure if they charge appraisal, lender fee, etc?

Cashcall mortgage has a bit lower rate (3.362) with $995 flat fee.  I’ve used cahscall and they didn’t have any other hidden fees.

According to the ads, no fees whatsover... they even call out that $595 or $995 fee (assuming they are referring to CashCall).
Once you go 3-car garage... your junk can never go back.
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I recommend:
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Offline woodburyowner

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Re: Owning.com
« Reply #5 on: October 04, 2019, 09:49:52 AM »
This company seems pretty legit after reading a few real reviews.  For conforming balances, it seems like a no brainer to go with these guys.  They don't play any games like other lenders do with negative points or random fees here or there.  They probably aren't making much money right now and they might not even survive later, but for now, take advantage of their low rates and no fee refi product. 

Offline Liar Loan

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Re: Owning.com
« Reply #6 on: October 04, 2019, 11:42:34 AM »
Just checked out their website and they offer a buyer's rebate of the entire commission minus $4,000.  That's better than Redfin used to offer when they were brand new and doing a 2/3 rebate.  I may have to try these guys on my next purchase.

Here's a calculator that shows what your rebate would be for a given purchase price:

https://owning.com/index-rebate.html#intro

Offline Irvinehomeseeker

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Re: Owning.com
« Reply #7 on: October 05, 2019, 04:01:37 PM »
Anyone know what is the true cost of a 30yr loan or refi with owning?  Their website says “no closing costs” but not sure if they charge appraisal, lender fee, etc?

Cashcall mortgage has a bit lower rate (3.362) with $995 flat fee.  I’ve used cahscall and they didn’t have any other hidden fees.

According to the ads, no fees whatsover... they even call out that $595 or $995 fee (assuming they are referring to CashCall).

Yes, 0 fees. I refi'ed in August and paid nothing. I have mentioned on the other thread that I was completely satisfied with their refi process and would recommend it.


Offline Soylent Green Is People

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Re: Owning.com
« Reply #8 on: October 07, 2019, 10:42:03 AM »
I had originally confused this company as a partner with Goldman Sachs, but Owning.com is a successor to CashCall Mortgage - a J Paul Reddam founded organization. (see also LoanMe, DiTech, et al)

My .02c


Offline Bullsback

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Re: Owning.com
« Reply #9 on: October 07, 2019, 12:30:16 PM »
I know this place has been mentioned in the "How low can it go?" thread (I called it owing.com) but this company is interesting. I hear their ads on the radio all the time and their marketing strategy is intriguing.

The first ads I heard were something like:

"We are mortgage pros who worked for other companies and wanted to streamline the mortgage process so we created a company that has zero fees, low paperwork and low rates."

The next ads I heard were:

"We can close your loan in as little as two weeks."

And

"We really have zero fees, if you APR does not match the interest rate, then there are hidden costs which we don't have."

And

"You don't have to start paying 30 years when you refi with us, if you have 27 years left, our refi will also have 27 years."

The latest one is:

"You can refi up to the full value of your home, and then use that cash to buy investment properties and we will give you those loans because we can qualify you based on your rental income."


And on their website, they have "Zero down loans" but those are only available in Southern California. Why would only SoCal qualify for those type of loans?

A few posters have mentioned their satisfaction with Owning.com and by the looks of it, they are more than just lenders, they also do the buy/sell side of real estate (including "buying your home for cash" and #maxrebate).

Who are these guys? Former Ameriquest/Countrywide/Downey/WaMu execs?
I'm in the process of refinancing with them. So far, everything has been exactly what they have said it would be.  Extremely easy thus far with nothing but high remarks. Devil is in the details though, so we will see how they execute at the end. 

Offline Bullsback

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Re: Owning.com
« Reply #10 on: October 07, 2019, 12:31:48 PM »
This company seems pretty legit after reading a few real reviews.  For conforming balances, it seems like a no brainer to go with these guys.  They don't play any games like other lenders do with negative points or random fees here or there.  They probably aren't making much money right now and they might not even survive later, but for now, take advantage of their low rates and no fee refi product.
My loan (in process) currently has absolutely zero fees (as in...not a penny). I have a couple co-workers who have used them with nothing but positive things to say.  For the particular loan I was getting (conforming 15 year fixed), they had the best rate at the time as well (at least based upon the places I shopped around with). 

Offline meccos12

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Re: Owning.com
« Reply #11 on: October 08, 2019, 08:23:25 AM »
This company seems pretty legit after reading a few real reviews.  For conforming balances, it seems like a no brainer to go with these guys.  They don't play any games like other lenders do with negative points or random fees here or there.  They probably aren't making much money right now and they might not even survive later, but for now, take advantage of their low rates and no fee refi product.
My loan (in process) currently has absolutely zero fees (as in...not a penny). I have a couple co-workers who have used them with nothing but positive things to say.  For the particular loan I was getting (conforming 15 year fixed), they had the best rate at the time as well (at least based upon the places I shopped around with).

What is your APR for this loan?

Offline irvinehomeowner

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Re: Owning.com
« Reply #12 on: October 08, 2019, 09:12:54 AM »
I had originally confused this company as a partner with Goldman Sachs, but Owning.com is a successor to CashCall Mortgage - a J Paul Reddam founded organization. (see also LoanMe, DiTech, et al)

That Reddam connection could be a red flag. I know some ex-Ditech people and it was pretty shady over there. Plus Google says CashCall has some issues too.
Once you go 3-car garage... your junk can never go back.
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I recommend:
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member: Soylent Green Is People (loans/refis)

Offline Bullsback

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Re: Owning.com
« Reply #13 on: October 08, 2019, 09:28:40 AM »
This company seems pretty legit after reading a few real reviews.  For conforming balances, it seems like a no brainer to go with these guys.  They don't play any games like other lenders do with negative points or random fees here or there.  They probably aren't making much money right now and they might not even survive later, but for now, take advantage of their low rates and no fee refi product.
My loan (in process) currently has absolutely zero fees (as in...not a penny). I have a couple co-workers who have used them with nothing but positive things to say.  For the particular loan I was getting (conforming 15 year fixed), they had the best rate at the time as well (at least based upon the places I shopped around with).

What is your APR for this loan?
2.875

Offline Bullsback

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Re: Owning.com
« Reply #14 on: October 08, 2019, 10:09:19 AM »
And if someone knows where I can get cheaper...please let me know :). I should clarify this is on a townhome as well (which often times lenders have a slightly higher charge for). 

 

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