April 2007 Vol. 2 No. 4
 How Mortgage Web Sites Mess With Your Mind  Debbie on NECN  Debbie on Fox - But Not for Mortgages!  About Us

How Mortgage Web Sites Mess With Your Mind

We all need reminders that if it something sounds too good to be true, it probably is - and that includes enticingly named online mortgage lending sites.

Their commercials are cute, and they claim to "empower" the borrower. But scratch the surface and you'll find there is nothing cute or empowering about giving all your personal identity and financial information to an anonymous website.

Online lending sites such as LendingTree.com, BankRate.com, and QuickenLoans.com are in the business of making money by selling names and personal information to mortgage companies. If you try one of these sites, you may live to regret it.

One of my clients tells the story of being hounded by mortgage companies looking for her business. Plus, her information was sold to other vendors who wanted to solicit business, too. (Think about all the personal financial data you give to apply for a mortgage!)

In a blog on the subject, I read about another man who Is now getting harassing telephone calls at work from mortgage companies - and Lending Tree refuses to close his account!

Even if you think it's worth the risk to get a good rate, you will probably be disappointed. Most customers are. In fact, Fortune magazine reports that 9 out of 10 customers who sign onto one of the sites end up getting mortgages from private brokers who they found themselves. And, of those who do use mortgage companies from the site, only 15% return for another loan.

But, with their witty commercials and message of consumer empowerment, it's easy to be enticed. Remember, though, that bulging advertising budgets do not always translate to a good product. Even the tobacco companies produce glossy ads!

How can you protect yourself?

  • Be skeptical. Ask yourself...If these sites are so wonderful, how come I don't know anyone who has used one successfully?
  • Ask friends and family to refer you a mortgage professional. They are more trustworthy than a random Internet search.
  • Find someone you like and trust, and build a relationship with him or her.
  • Use the Internet for what it is good for - learning important terms and the mortgage process, and being an informed consumer when you meet your mortgage broker.


Debbie on NECN
NECN shot

I spoke to Mont Fennel of NECN's Business Day recently about the Federal Reserve's position on mortgage rates and how it affects you, the consumer. Take a look!


Debbie on Fox - But Not for Mortgages!
marathon

I spent Boston Marathon Monday in the rain, but it was worth it! My husband, Kevin, served as a runner's escort for a visually impaired competitor. And much to my surprise, the Fox25 cameras caught me on the sidelines!



This week, home and family are on everyone's mind as the nation continues to reel from the Virginia Tech shootings. Working in the mortgage business, I am privieged to see firsthand the importance of "home" on a regular basis. It's always an honor to sit at the closing of a first-time buyer and see the excitement of getting the keys to a new house - a house that quickly turns into a home.

Whether you're looking for a new home or thinking about refinancing to do some improvements to your existing home, please give me a call.

I'm always happy to answer your questions about mortgages. Consider me your mortgage resource!

Best regards,
Debbie Siegel
President
Westchester Mortgage

P.S. You're receiving this E-Newsletter because you have a prior relationship with me or with Westchester Mortgage. If I've sent this to you in error, or if you want to remove yourself from the list at any time, just click the "SafeUnsubscribe" link at the bottom of this e-mail.



Click here to read my "Mortgage Minute" in ForeclosuresMass.com's monthly newsletter. This month's column: "Don't Get Stuck Paying Extra Tax."




April's Home Value Improver

Boosting Curb Appeal

Whether you're selling your house or you're excited about nesting in your new home, beautifying the outside is always worthwhile.

Here are some tips:

Flowers

Colorful flowers step up your curb appeal in a dramatic way - and you don't have to spend a fortune. Home improvement warehouses have great garden centers.

An Inviting Walkway

A clear walkway free of debris, with a nice smooth surface tells your guests that it's they're welcome.

Good Lighting

Don't let your curb appeal expire when the sun goes down. Nothing brightens up a home at night like some good lighting - literally. With all the options available today in solar-powered walkway lights, you can light a stylish path to your front door with minimal effort.

Freshly Painted Door

Even if your home needs a bit of paint, your front door can make a statement with a fresh coat of a vibrantly colored paint.

Hang a Wreath or Welcome Sign

Wreaths are not just for the holidays anymore. You can get a wreath for every season that will beautify your front door in a snap.




Westchester Mortgage simplifies the complex and often stressful process of finding the right loan program based on your financial goals and situation.

We provide unbiased advice regarding mortgage products offered by a wide variety of lenders. Our relationships with numerous banks and lenders allows us to select from thousands of programs to find the one that best meets your needs.

Follow this link for more information.



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Copyright 2006
Westchester Mortgage.
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