Thinking Of Getting an Online Home Loan Quote?
If you are going to be getting a mortgage quote online there are a few things you need to be aware of in order to get the best deal and not get ripped off by an out of state lender. Below i have listed two of the big drawbacks to getting a mortgage quote online that many consumers have experienced.
Two Things to Keep In Mind When Shopping Your Loan On The Internet
Super Low Teaser Rates- This is the biggest problem when trying to get a mortgage online. What normally happens is that you will see a interest rate advertised that looks very low. In fact many are way under what is currently being offered on the market. When you finally talk to the lender you realize that the rate is for perfect credit, no cash out, and normally low you must have over 20% equity in your home. The biggest turn off to borrowers though is that these low advertised rates can often only be had by paying a lot of money in buy down points.
Calls From To Many Lenders- The biggest complaint of many people who apply for a mortgage online are that they get called by a huge amount of different lenders and they even get calls for weeks or months months after their loan closes. The reason behind this is that your information is normally collected by lead brokers and not actual mortgage companies. The lead companies then sell this information to any lender that wants to buy it. Often times it is also bought by other lead brokers and resold again and the cycle repeats itself over and over and over until you are frustrated!
How To Avoid These Mortgage Quote Problems
If you want to get low mortgage rates you should deal directly with a mortgage company that has a proven record of customer satisfaction and can offer you a wide selection of loan products. A company like http://www.mayfairmortgage.com will do just that and more.
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