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| How Mortgage Web Sites Mess With Your Mind |
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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.
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| Debbie on NECN |
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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!
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| Debbie on Fox - But Not for Mortgages! |
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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!
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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. |
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Click here to read my "Mortgage Minute" in
ForeclosuresMass.com's monthly newsletter. This month's column:
"Don't Get Stuck Paying Extra Tax."
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