Mortgage News

How do loan officers quote rates for loans?

Remember this: Loan officers are not interested in quoting accurate rates. Calling around asking for rate quotes is the silliest shopping method and yet, the widest used. Loan offices know you haven’t a clue about the “real” mortgage rate (what’s called the “par” rate in the industry) because that is difficult data for a consumer to obtain. Therefore, they are free to lie…and lie they do. They know low rate quotes create a lot of application appointments. (more…)

Mortgage Rates, Mortgage Tips

Original post by rkblake

When I say “never”, I mean…never, ever, ever shop for a mortgage by collecting a handful of Good Faith Estimates like so many baseball cards, or by calling around getting “verbal” mortgage rate quotes.

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traps, tricks, bait n switch, Home Buying Tips, Mortgage Quotes, mortgage shopping, Mortgage Tips, scams, Scams, Tricks, Traps

Original post by rkblake

What is refinancing really? After 15 years in this industry it still baffles me how many misperceptions folks have when it comes to refinancing their mortgage.

Refinancing is replacing the financing on a home you already own. Unfortunately, American home owners are really confused or misinformed about refinancing. When you refinance, you go through the whole qualifying process again. The same comprehensive “financial colonic” you went through when you bought the house. You may have quit your job and became self-employed, or got separated or divorced, or lost value in your home, or hammered your credit scores with too much debt, are all examples of changes which require the industry put a microscope on you again to refinance your home mortgage. (more…)

Mortgage Refinancing, mortgage shopping, Mortgage Tips, No Cost Mortgages, Refinancing Tips

Original post by rkblake