Many consumers see the banner ads running for various "banks compete" services such as Bankrate, LendingTree, Lowermybills, and the like. The question remains, which one works best? Do you, the consumer, benefit from using a service that offers a "banks compete" type of program? We will exmaine some different ways in which you can quickly and easily get the best rate for your refinance.
Vendors such as Bankrate, LendingTree, and Lowermybills are primarily in the business of selling consumer information to mortgage companies. They may not even do any due diligence regarding the quality of the 4 or more different mortgage companies that will be contacting you. Many of the ads you see for the programs they offer are teaser programs such as negative amortization loans.
Many of these lead generating companies are coming under fire as of late for Truth In Lending Act(TILA) violations. If something seems too good to be true, it usually is. Contact Home Jones, a seasoned mortgage professional at 415-617-5448 or [email protected] to see exactly what type of loan would best fit your needs.