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Hello and thank you for joining the total lending Concepts Mortgage Show we begin in section 16.5. If you choose an online lender who doesn’t have a physical office in your area, then you can bet that office doesn’t call on your local Bevy of real estate agents. They don’t have a local following: they don’t have loan officers in your town. They don’t have a reputation to uphold. So what if they screw up your deal, what are you going to do about it? Well, we should tell the real estate agent file complaint with their state agency. I don’t think about this when you’re looking for a Tulsa mortgage, local lenders at least lenders, you know and trust keep a Keen Eye on their marketing and sales efforts. If they continually mess up deals, Colorado Springs Mortgages then guess what no more referrals their business reputation tarnished and they could find themselves out of business, not sell with an online lender if they mess up in your mad at them. I also what right, I’m not suggesting that you should never ever use someone you found online, but think about this. When looking for a Tulsa mortgage, I ran it online division for several years. It’S simply that if you are compelled to use Big Shot mortgage company, do your homework and watch your step. You might very well get a better deal, but you just need to make sure that they follow through with their offerings research company first, as outlined previously section 16.6. Should I avoid online lenders just avoiding a pure-play online lenders think about this one looking at Tulsa mortgages, especially if you’re not familiar with the online lending Processor, have a finance very many. If any Properties by PurePlay, Colorado Springs Mortgages I mean companies that don’t have a physical presence over others that do here their headquarters, you do need to establish a working relationship with your loan officer and have someone who is there when you are, I have questions or things go wrong. You could use online lender to help the loan officer down the street sharpener pencil so to speak, but if the rate quote from the online companies to low you’ll probably not get much cooperation from you’re in town loan officer, your loan officer will simply tell you that There that rate can’t be guaranteed in if you want online lender, then go right ahead. Think about this one, looking for it till some mortgage. The trouble with the Internet is that every single lender and mortgage broker has a website which makes it difficult, Colorado Springs Mortgages if not impossible, to learn about the mortgage company based upon their site. Just as Mortgage Bankers can spend millions of dollars on marketing only have to have an ink one incompetent loan officer to ruin it all for them. So two can a flashy website make mortgage lenders appear to be more than they are just no way to have.

I would have company by looking at its site mortgage websites, try to overcome this problem by providing testimonials from previous clients and pictures of happy homeowners, but even those can’t be faked. The online only business model has tried to to some extent, but is never really panned out on my lenders, scared the boots off of traditional lenders in the late 1990s, but online lender soon came to realize that the mortgage process – just isn’t that easy. Think about this. When looking for a Tulsa mortgage, yet with all the standardization of online applications, instead of online lenders putting traditional lenders out of business, Colorado Springs Mortgages it happen the other way around traditional lenders put up their own websites. Section 16.7: I keep getting emails from companies with some very competitive offers shouldn’t I at least explore them. I know you’re wasting your time. The emails you get her nothing more than spam as a matter of fact they’re rarely from a mortgage company. In connection with an article I wrote about the practice of mortgage spam. I decided to answer one of the many emails that appears in my inbox every day. Well, I finally responded to one of these emails that guaranteed me the lowest rate and here’s what happened pickles attention if you’re looking for a Tulsa mortgage first, I hit the reply button and hat and said thank you, but I got an error message saying the email Address was invalid, then I click the link on the end, but the Lincoln better than the original spam, and it went directly to a website quoting interest rates that were a full 1 % below the market in clear violation of federal advertising guidelines. On my dad, Colorado Springs Mortgages then I clicked on another link on that site and went to a form that asked me to fill out some information. I fill out the form saying I wanted to refinance my home in Austin about 3 days later I got three different emails to the email said, thank you for the information request and how to link back to their own website. Again. When I tried to reply to the emails I got, an invalid address also got a telephone call from a local company.

I’Ve never heard of hi mr. Reed, I’m Linda loan officer and I’m following up on your request. I called her back and she wanted an application before I complied. I asked her for an interest rate quote sure enough. It was nowhere near what was quoted in the fake advertisement from the original email. That’S because she was only supplied. My information when she bought my name and phone number from the mortgage lead service the owners of the original mortgage spam. It kept themselves secret from me. She had no idea about any rate quote sent through the email, but would be more than happy to quote me. One from her company yeah right think about this when looking for Tulsa mortgages, if you respond to one of these emails, be wary and whatever you do, don’t complete an application with sensitive data such as your social security number. A bank account numbers, identity theft is Big Business. These days and one of the easiest ways people can steal. Someone’S personal information is to have them complete a phony loan application. What information could then be stolen Soul there, otherwise used in Mist, use just the weather. Colorado Springs Mortgages Keep this in mind when looking for a Tulsa mortgage, if you don’t know who you’re dealing with don’t respond to their email and certainly don’t fill out their loan application section 16.8. Can I get my loan approval online? You can’t, but lenders won’t. Hang you the keys. Only thing that’s really done online nowadays is taking the loan application loan officer will then call you back when does learned lesson with your online loans and quote instant approval from borrowers begin questioning just how good their approvals actually were. Homes will still have to be documented in lenders will feel better about issuing an approval. After reviewing the physics, the physical files, when you see a website that says get approved in minutes or something similar understand that they operate in the very same way as anyone else, they don’t have a corner on the instant approval Market. Think about this one. Looking for Tulsa mortgages, section 16.9 is there anyway. I can check on rates without contacting A lender. Colorado Springs Mortgages Do you want to check current rates or get history of where rates have been for say last 10 years? Do you want to compare interest rate trends or see how volatile interest rate index has been over the past few years? There are various website to provide historical rate data at no charge to the consumer. Perhaps one of the most extensive sites is hsh Associates or you can find them at www. Hsh.com at this site. You can certainly view various arm and x’s and compare them to one another.

Are you looking at a 1 year treasury arm and a Libor arm then go to the site and compare the rates that are where they’ve been over the last few years? There’S a valuable tool, not only this is available to will not only for comparing his to work rates but for spotting potential interest rate trends are rates currently at hype spot then maybe an arm or hybrid is a good choice. Do rates appear to have bottomed out, then perhaps it might be a good time for a fixed rate mortgage. Keep this in mind when thinking about a Tulsa mortgage. The hsh site is for consumers because it offers plenty of tools you can use to help you with your mortgage selection. Besides historical rate trends, there’s a lot more useful information, including multiple financial calculators alone library and a host of other free stuff. You’Ll also notice that there is the ubiquitous interest rate survey similar to the ones found at bank rate, monitor or lenders in Brokers advertise interest rates. The real value of the site is to get a sense of where interest rates have been and be able to compare them side-by-side. Do you want to get current interest rate information, there’s no single source for you to track mortgage bonds or mortgage-backed security data? In fact, I don’t know of any place where mortgage Bond pricing can be viewed instead. You’Ll need to follow, transfer watching a 10-year treasury or by hooking up with a loan officer who follows mortgage Bond pricing Leonard pay, a lot of money to get mortgage Bond pricing for used by their secondary market and production managers. So don’t expect this kind of information me lying around on eBay somewhere, you as a consumer, don’t have real-time access to such quotes. Certainly keep this in mind when thinking about Tulsa morning,