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Best Mortgage Rates: Virtually Impossible To Find Online
By Rob
| All the online rate aggregator websites claim to have the lowestt mortgage rates. Bankrate and other online aggregators of mortgage rate data are not to be trusted. There is more than one story and lawsuit claiming the rates they post are manipulated, though usually by the companies that advertise on their site. Where do you actually find the best mortgage rates? It does not sound that hard to do. You cannot turn on the TV, read a newspaper, or surf the web without seeing these mortgage ads. Finding the best rate is really a function of finding the best mortgage company. The rate quotes are only as good as the company quoting them to you. It is so easy to post up ridiculously low rates on a website or in an advertisement. Along with posting their mortgage rates on their own website, many mortgage companies post rates on other websites. Just like the Progressive car insurance commercial, they say you can search on their website for other companies insurance rates. If you find a mortgage website with companies claiming to have the best mortgage rates, you may think this trusted website hand picked these mortgage companies. So, they have to be good right? Wrong. Most mortgage websites are either lead generation websites where they promise they can get you the lowest mortgage rate if you enter in your information. Or, they make tons of money off other mortgage companies for
posting their mortgage rate data.
The website itself does not confirm that these companies really have great rates. The mortgage company pays them to post their rates because the website is generating massive traffic. Their own website does not get enough traffic so they pay for the traffic from another website.
Some websites are quite bare. The only thing they want you to do is enter in your information. They will take your information and sell it to a mortgage company - and not just one - many, many companies.
Other websites create this air of authority. They pack the website with information which makes you think they have your best interest at heart. But really they are there to sell advertising. They have no idea if the companies paying to advertise on their site are ethical, honest, or trustworthy.
And, they certainly do not know or care if you get the best mortgage rates from their site. Their job is to convince you to trust them. When you trust them, you use their advertisers. And when you use their advertisers, they make money.
When you are looking for the lowest mortgage rates, it is up to you to ferret them out. Committing blindly to a mortgage company just because someone, some advertisement, or some website persuaded (lied to get your trust) you is dangerous.
Remember, to find the best rates, you have to find the best mortgage company. And, they are frankly not as easy to find - online or offline - as you would think. Always be suspicious and look for - the why.
Why would a big website push other mortgage companies? Just out of the goodness of their heart!
I think not.
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The decline followed a bounce in July.
Year-to-date Aug. 31, 2010, filings totaled 1,034,843.]]>
More than 900 comments were received by the comment deadline on Aug. 16, a public filing Friday said.
The "overwhelming majority" of the comments addressed the proposed 3 percent limitation on seller concessions.]]>
It was the second month in a row of gains.
In August, according to the Reverse Market Insight newsletter, reverse mortgage production increased 13 percent.]]>
The Federal Deposit Insurance Corp.'s chairman said the FDIC had known for months that WaMu was in trouble.
But with Wachovia it didn't know until very late in the game how dire the situation was.
In addition, Wachovia was deemed systemically important.]]>
Headcount in "real estate credit" was up by nearly 3,000 jobs.
But "mortgage and nonmortgage loan brokers" saw their numbers decline by around 500 positions, the government data indicated.]]>
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Todays Mortgage Rates
Labor Day, 2010
The end of labor is to gain leisure. - Aristotle
Happy Labor Day to all!!!
Broader mortgage aid for underwater homeowners
The Obama administration will be launching it's most ambitious plan to reduce mortgage balance for underwater homeowners on Tuesday, 7.09.2010. It is expected that if the new plan is successful, then it will help to modify around 500,000 and 1.5 million underwater loans. It is said that this is the first initiative to help homeowners who are current on their mortgage payments but are at risk of default as there's no equity in their homes.
Self employed for 16 months, will I qualify for a home loan?
I know I could just apply at a bank, but I wanted to test the water before effecting my credit score with credit checks. I want to apply for a $300k-$350k first time home loan.
25 years old
$6300 monthly pre-tax income
731 Fico Score
$100,000 in documented liquid assets (stocks portfolio & savings) although I don't want to put it all down unless necessary as I would much rather keep it in the market while its down.
Where I see my problem is my job history/security... I am self emplo...
can i quit claim after loan modification?
My loan company has just allowed me a loan modification, but I am still unable to pay. Can I now quit claim the house to someone, not a family member for money and to save my credit?
Can this deed be changed?
my mother made a warranty deed stating that she sells, conveys the property to me for $10, and she reserves a life estate. since this has been recorded over a year, and I have paid taxes on the property, can she legally change her mind and put this property in someone elses name?
Does Home Equity Loan get discharged in Chapter 7?
My Chapter 7 bankruptcy was already discharged several months ago. I own and live in a home valued at approx. $700K, with a 1st mortgage of $625K (which I continue to pay every month), and a 2nd mortgage of $200K (which I am also still paying on). The question is: should I still be paying the 2nd/Home Equity Loan ? The Home Equity Loan no longer appears as an "Open Account" on my credit reports.
If I stop paying it, will the bank (BofA) holding the 2nd try to foreclose on my home? ...
Deed-in-lieu of forclosure
I have submitted hardship letter and required documents to my lender for a short-sale. House has been on the market for 2 months, lowered price 3X and no offers. Lender has determined (decided) that my hardship (too much debt besides mortgage) was a "personal choice". Both my wife and I still have jobs. We can't afford to meet all our debt obligations. We are looking into moving to an apartment and try to start all over with better financial management. We are considering to ask lender...
reverse mortgage query
Who pays taxes & insurance if the homeowner can't & house has fallen in value to below line of credit amount? Does the bank just pay and add the amounts to final debt on property?
My name is on Title, but NOT on mortgage, will filing bankruptcy still effect my credit?
Hi. My friend and I bought a house with no money down and took out a first and second interest only mortgage 80/20 for the full $350,000. The Mortgage is only in my friends name, but we are both on the Title, we both make even monthly mortgage payments and declare them on our income taxes. The house is now worth $ 225,000 due to the slacking economy. We have to move out and can't afford to sell and take that big of a loss, we tried the "loan modification program taken a job and the bank sai...
quit Deed
i want to buy a proprty that i stay in can the owner transfer the property to me quit deed how do i find out what money is still outstanding on this property? what must i do first if i go through with this? how do i find out what equity is still in the house if any is there? can you please walk me through this? how do i get the loan turn over to my name? how do i find out if the is a second home loan taken out on this property? do i need (A) one credit in order to transfer the loan over to m...
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Home Mortgage Interest Rates And Home Mortgage Scams
The most important factor you should consider when looking for a home mortgage is your interest rate. Getting even a slightly lower interest rate on your home mortgage can save you tens of Read more...
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Mortgage Scams- If It Sounds Too Good To Be True - It Probably Is!
By M
By the end of last September, 2007, the U.S. Treasury Department stated there were 46,717 cases of mortgage fraud reported - an increase of 35,617 from Read more...
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