An ongoing lawsuit against a website that allows advertisers to post their rates, suggests that when lenders compete, you still may not get the best rate. The lawsuit alleges that lenders post rates so low they can't honor them. Then when the borrower is committed to the loan, they switch him or her to a higher rate. That higher rate is often worse than the honest rate offered by other lenders. This all starts out by a home owner going online to shop for a new mortgage loan. Most of the time when online shopping for a loan you come across what is called a Lead Broker Site. Lead Broker Site's usually advertise saying things like 'When Lenders Compete You .........etc. etc.' Lead Broker site's usually push the idea of shop for the best rate, or Let lenders compete for your business. For full article refer to my blog at www.edbbates.blogspot.com
 
Posted by Ed Bates on 02/03/2008 11:03 PM   Comments (1)   mortgage rates  
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Ed Bates

West Jordan, UT

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Wasatch First Financial

Address: 6792 So 1300 E., Midvale, Utah, 84088

Cell Phone: (801) 330-4964

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