Online Mortgage Rates

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Have you looked at the multiple adds on your internet home page.  Yahoo, Bing, MSN, AOL, Google or whichever company that you use they are everywhere.  Engineered to amaze, when banks compete you win or get the Obama loan seem to be the most common.  I do have to say the engineered to amaze company is at least up front as them are a mortgage company and stat as such.  I do have some questions on the “When Banks Compete You Win” company as they originate loans themselves.  So are you really getting the best deal?  A marketing company that originates loans appears to be a conflict of interest in my opinion.  The strangest one is the “Obama Loan” as this is a marketing gimmick playing on Obama’s popularity.  The loan that is being referred to is the HARP loan which is a very good option for homeowners that qualify for the program.  The tag “Obama Loan” is a disservice to the public as it does not send a clear message.  The Mortgage Industry itself, for the most part, has been cleaned up since the meltdown.  Yes there will always be a few bad apples but that is the exception today.  The clean now needs to address the marketing companies.  When looking for a new mortgage it is always in your best interest to obtain two mortgage quotes.  I would recommend one from a bank and one from a broker.  Do not get lost in what the Loan Officers are telling you.  This is very simple to breakdown if you do it in this fashion.

  • What is the rate
  • Is the rate fixed  
  • What are the loan fees
  • What is your monthly payment
  • Do I have upfront fees

If you consider these five items then you will know if you are on the right track or not.  Yes there are many other components to every loan but focus on these five simple items as unless you are in the business all of the other stuff will confuse the average person as frankly is confuses many people that work in the business.  

Stay Tuned…

 

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