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Does LendingTree Cater to Rich People?

Posted in LendingTree, News, Products | June 19, 2014

While no one, regardless of income, really likes getting a mortgage, it does seem that upper-income borrowers are better at it. A January 2014 survey by mortgage colossus Fannie Mae found that higher-earning borrowers chose lenders with the most competitive rates. They were more likely to shop online, obtain multiple quotes from competing lenders and choose their loans based on rates and costs. Less affluent borrowers, on the other hand, were far more likely to rely on advice from their real estate agents, family and friends. They were less likely to seek out and compare interest rates when deciding on a home loan. Information, Please! The higher earners indicated that they would appreciate being able to “shop and compare loan terms from multiple lenders at once.” That was their top choice

Pay Less for Your Mortgage with Loan Explorer

Posted in LendingTree, Products | June 2, 2014

Last year, researchers at Fannie Mae found that 41 percent of consumers got their home loans from the first mortgage company they contacted – they did not shop at all and did not compare quotes from any other lenders. Analysts at America’s largest buyer and seller of mortgages expressed concern that by not doing any comparison shopping, borrowers were paying more than they needed to and even perhaps opening the door to financial problems at a later date. Ignorance May Be Bliss, But It’s Expensive “Homeowners who don’t obtain multiple mortgage offers or carefully compare rates are essentially leaving money on the table, particularly given today’s unprecedentedly low interest rates,” said Fannie Mae Chief Economist Doug Duncan. “Although a home purchase is the largest financial obligation most people will ever

Mortgage Lenders: How Do You Avoid the Flakes? And the Fakes?

Posted in Financing, LendingTree, News, Products | June 12, 2013

A few years ago, the Miami Herald broke the news that over 5,000 of Florida’s mortgage loan officers were felons who’d been convicted of various frauds. Amazingly, it was legal for them to work in a field that provided so many opportunities to rip off their clients. State mortgage licensing requirements ranged from extensive background checks, education and testing to simply proving that you had a pulse. There was no way to judge how capable or ethical a lender was. Today, there are national standards, including education, background checks and testing. You can be quite sure that a licensed lender won’t con you. However, that doesn’t mean all loan officers and mortgage brokers are dedicated to providing good service or are experts in their field. It takes years of experience and a

Mortgage Professor: Avoid Mortgage Lock Scams

Posted in Mortgage advice, News, Products | April 5, 2013

Mortgage Professor Jack Guttentag addressed a serious topic on the Huffington Post today — specifically, mortgage rate lock scams. He accurately says that when you get a Good Faith Estimate from your lender, there is no obligation to honor the rate unless you lock in before the rate’s expiration. Yet, if you’re shopping for a home (and have no property in escrow yet), you aren’t allowed to lock in your rate. If you’re still comparing mortgage quotes from several lenders, you’re not in a position to lock your loan either. Bait and Unswitch What usually happens is that, some time after you apply for your loan and it’s in process, you decide to lock in your mortgage rate. You call your loan officer or mortgage broker and ask to get

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