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.Often times, after submitting information to Bankrate, Lendingtree, and Lowermybills you get bombarded with phone calls from various brokers. Many times, such Junior Loan Officers are new to the business and may not know how to best meet your needs.
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 Michael R. Byrne, a seasoned mortgage professional at 1-800-999-2489 x7972 or mbyrne@gfhomeloans.com to see exactly what type of loan would best fit your needs.
