Comments on: Why Selecting a Lender by Rate Alone is Not in Your Best Interest http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Zillow Launches On-Line Mortgage Rate Quotes | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-299435 Zillow Launches On-Line Mortgage Rate Quotes | Rain City Guide | A Seattle Real Estate Blog... Thu, 03 Apr 2008 04:07:24 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-299435 [...] Zillow is not creating a mortgage company; they are attempting to create an online tool consumers can use to shop lenders. Once I get past my first objection of rate shopping, here are some of the two features I like the most: The consumers privacy is protected while shopping–the Loan Originator will not see their names and they do not provide their social security number. This is unlike other online rate-comparison tools where a consumers private information is resold to calling centers all over the world. [...] [...] Zillow is not creating a mortgage company; they are attempting to create an online tool consumers can use to shop lenders. Once I get past my first objection of rate shopping, here are some of the two features I like the most: The consumers privacy is protected while shopping–the Loan Originator will not see their names and they do not provide their social security number. This is unlike other online rate-comparison tools where a consumers private information is resold to calling centers all over the world. [...]

]]> By: Le Mortgage - Or, Everything I Own Belongs to the Bank | North Sound Property News http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-273975 Le Mortgage - Or, Everything I Own Belongs to the Bank | North Sound Property News Fri, 29 Feb 2008 21:20:22 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-273975 [...] Speaking of financial planners, I think it is really important for first time buyers to put together a team of advisors to help make decisions about buying a home.  You should find a realtor, mortgage advisor and a financial planner who will all be working in your best interests when you make a decision as big as this one.  You need to interview these people, ask for referrals, basically do whatever you can to make sure that you are working with people you can trust to have your long-term interests at heart.  Once you find these people, stick with them.  Many times, buyers pick the first agent they meet, or a loan officer based on the rate they offer, and often times, this is a mistake.  As Rhonda Porter says, it’s not about the rate.  It’s about picking the person and program that is best for you, and sometimes a loan with a great rate has other things about it that are not so great.  Or, sometimes a loan officer promises a great rate but can’t deliver.  So it’s really important to find people you can trust. [...] [...] Speaking of financial planners, I think it is really important for first time buyers to put together a team of advisors to help make decisions about buying a home.  You should find a realtor, mortgage advisor and a financial planner who will all be working in your best interests when you make a decision as big as this one.  You need to interview these people, ask for referrals, basically do whatever you can to make sure that you are working with people you can trust to have your long-term interests at heart.  Once you find these people, stick with them.  Many times, buyers pick the first agent they meet, or a loan officer based on the rate they offer, and often times, this is a mistake.  As Rhonda Porter says, it’s not about the rate.  It’s about picking the person and program that is best for you, and sometimes a loan with a great rate has other things about it that are not so great.  Or, sometimes a loan officer promises a great rate but can’t deliver.  So it’s really important to find people you can trust. [...]

]]> By: Friday’s Mortgage Interest Rates | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-186351 Friday’s Mortgage Interest Rates | Rain City Guide | A Seattle Real Estate Blog... Fri, 28 Sep 2007 19:25:29 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-186351 [...] Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR.    This is just a small sample available of rates and products.  Rates are as of Friday, September 28, 2007 at 12:00 p.m. and may change at any time.  Available programs may change at anytime as well.    This is not a guarantee nor is it a commitment of interest rate.  For your personal rate quote or for loan amounts over $650,000, please contact me. [...] [...] Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR.    This is just a small sample available of rates and products.  Rates are as of Friday, September 28, 2007 at 12:00 p.m. and may change at any time.  Available programs may change at anytime as well.    This is not a guarantee nor is it a commitment of interest rate.  For your personal rate quote or for loan amounts over $650,000, please contact me. [...]

]]> By: Rhonda Porter http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-165877 Rhonda Porter Tue, 31 Jul 2007 23:27:53 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-165877 Ron, there is no way for me to know if you got a "good deal" without having your good faith estimate, federal truth in lending and application/credit...etc. Regarding the program your friend has, Sound Bite Blog recently did a great article on what I believe you're referencing. http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/ Ron, there is no way for me to know if you got a “good deal” without having your good faith estimate, federal truth in lending and application/credit…etc.

Regarding the program your friend has, Sound Bite Blog recently did a great article on what I believe you’re referencing. http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/

]]> By: Ron Ramkay http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-165817 Ron Ramkay Tue, 31 Jul 2007 19:45:13 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-165817 Hello Rhonda, Have you heard abou ther Ufirst program , where it pays off your home with in 8 -11 years on a 30years program also I have friends that have that MTA program and they are happy with it i just got my house about 3 months ago fro a builder they did the financing, however I did some research for different program , with my score being 630 i was able to get 95% 80/15 loan at 7% on first and 10% on second to prevent MI, according to the broker Did I get a good deal Concern Florida residence Ron Hello Rhonda, Have you heard abou ther Ufirst program , where it pays off your home with in 8 -11 years on a 30years program
also I have friends that have that MTA program and they are happy with it i just got my house about 3 months ago fro a builder they did the financing, however I did some research for different program , with my score being 630 i was able to get 95% 80/15 loan at 7% on first and 10% on second to prevent MI, according to the broker
Did I get a good deal
Concern Florida residence
Ron

]]> By: Banker, Broker, Consumer Lender or Credit Union? Part 4 | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-164282 Banker, Broker, Consumer Lender or Credit Union? Part 4 | Rain City Guide | A Seattle Real Estate Blog... Fri, 27 Jul 2007 05:10:39 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-164282 [...] So how does a consumer go about selecting an individual retail mortgage salesperson at ANY of the institutions we covered in this series? Luckily, Rhonda Porter has already taken on this topic. [...] [...] So how does a consumer go about selecting an individual retail mortgage salesperson at ANY of the institutions we covered in this series? Luckily, Rhonda Porter has already taken on this topic. [...]

]]> By: Joe Buyer and The Lending Treehouse of Horror: Part 1 | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-155192 Joe Buyer and The Lending Treehouse of Horror: Part 1 | Rain City Guide | A Seattle Real Estate Blog... Sun, 01 Jul 2007 18:15:51 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-155192 [...] “Joe Buyer” lives in California with his wife and young daughter who have decided to move to Washington.   In early April, they began shopping for lenders and elect to use a big internet lender where they have four different banks compete with offers of low rates.  His lender wound up being in Florida.  In the middle of May, he has an accepted offer on his family’s next home.   He has a great rate from shopping and a new home…what could possibly go wrong? [...] [...] “Joe Buyer” lives in California with his wife and young daughter who have decided to move to Washington.   In early April, they began shopping for lenders and elect to use a big internet lender where they have four different banks compete with offers of low rates.  His lender wound up being in Florida.  In the middle of May, he has an accepted offer on his family’s next home.   He has a great rate from shopping and a new home…what could possibly go wrong? [...]

]]> By: Rhonda Porter http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-153964 Rhonda Porter Thu, 28 Jun 2007 17:38:59 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-153964 Michael, I don't get your quote? Michael, I don’t get your quote?

]]> By: Michael Jagielo, Jagielo Group http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-153963 Michael Jagielo, Jagielo Group Thu, 28 Jun 2007 17:36:43 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-153963 The old saying..."the first liar never had a chance" The old saying…”the first liar never had a chance”

]]> By: Friday’s Rates on a Saturday | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-151986 Friday’s Rates on a Saturday | Rain City Guide | A Seattle Real Estate Blog... Sat, 23 Jun 2007 16:32:11 +0000 http://raincityguide.com/2007/03/11/why-selecting-a-lender-by-rate-alone-is-not-in-your-best-interest/#comment-151986 [...] Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR.    This is just a small sample available of rates and products.   For a specific strategy for your mortgage needs, contact a Mortgage Professional. [...] [...] Please do not select your Mortgage Professional by interest rates alone and do not shop rates by APR.    This is just a small sample available of rates and products.   For a specific strategy for your mortgage needs, contact a Mortgage Professional. [...]

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