Our current mortgage company along with many other mortgage companies these days are working hard at getting our business by way of a refinance or home equity loan.
I have opted out so the amount of mail has really slowed down as well as the phone calls due to putting our number on the do not call registry.
However, the other day we received a phone call from our current mortgage company, my husband took the call and informed the man on the other end that I was a mortgage lender and that I would take care of financing. The next day they called again, this time they got me! The representative told me that he was very excited because we have been great customers he had some great programs to offer us to lower our rate, term and possibly lower our monthly payments. When I told him my current 30 year fixed loan is in the low 5's and that with today's rates I'm sure he would not be able to beat it. He informed me that a mortgage specialist would be able to give me the details when they called me back.
I guess I should have just played along and listened to what they thought they could do for me. But instead I asked that they remove our number for any other specials they may think they have as I would take care of my mortgage financing myself.
What I don't like about these types of enticing calls or advertisements is the average consumer may not really know if these options offered to them are really in their best interest.
We have all heard the no closing cost advertisements, the 1% ads, the $350,000 loan amount for only $650.00 a month etc. They are enticing, however they are misleading at times and not always the best interest of the consumer.
Let it be known that I and any other mortgage lender make a living doing home loans, it is never absolutely FREE. The 1% interest rate is AWESOME, until you find out the details of the rate adjustments, and the low monthly payments on the larger loan amount sounds FANTASTIC until you find out that you could have negative amortization.
BUYER BEWARE!
If you would like an evaluation of your current home loan with honest options, contact a Licensed Mortgage Lender.
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I love playing along with some of the sales calls. When I tell them what rate I am at they are sure I am in an adjustable mortgage or some other product. When I tell them it's a 30 year fixed mortgage, the get off the phone somewhat quickly. There are too many sharks in the waters trying to sell the public on bad loans by misleading people. Buyers beware! Stick with a loan officer you can trust. thanks for putting the red flag out there.