What are online interest rate scams?
When I first thought about buying a home, I would see interest rates on the internet that I assumed were accurate. After all, they asked me to put in my credit information and the amount I needed on a mortgage.
Only later did I learn that these are at best estimates and at worst simply ads. I’m talking about the rates you see on places like LendingTree, Bankrate, NerdWallet, Zillow Mortgages and all the smaller sites that serve up interest rate calculation programs.
Some of the sites make you jump through a lot of hoops, enter in a lot of information, in order to get a rate. Then, if you read the fine print, it says the rate is “non-binding”.
In reality, the rates that are shown are often just ads from mortgage companies or banks. Because they are ads, there’s a value in putting low rates in as why would you click on a high rate when shopping for a mortgage? These rates may be omitting important information relevant to you.
Even more disappointing is that the information you put in in order to get a rate is often then sold to banks and mortgage companies as leads.
So you’ve just given away your information for something that’s completely “non-binding” in return.
But, isn’t this the way everyone gets interest rates? Even if they aren’t accurate or entirely relevant to you? How do you avoid online interest rate scams?
How do you get real interest rates?
Luckily, some smart people at the Consumer Financial Protection Bureau (CFPB) knew about the problem of home buyers getting ads instead of useful rates and created a data tool. This interest rate tool takes actual data from the actual interest rates offered by banks to people who got mortgages from all 50 states.
Because of this interest rate generator, you can look at what rate you might get, based on what binding rates people looking at the same type of loan, with a similar credit profile actually got from a bank or mortgage company.
The best part? They don’t take or sell your information. Real info. No funny business. No online interest rate scams.
The best way to get the best rate
Stopping by the CFPB interest rate tool is a super smart thing to do. But, you still have to deal with mortgage and bank people in order to get a rate. And, a study by the CFPB showed that the way to save thousands of dollars is to comparison shop.
Read this article on why comparison shopping is hard for many people – most people don’t achieve the results that are possible because the system is stacked against them.
But, following a step by step process can get anyone excellent results. You just have to know how to do it affectively.
Since effective comparison shopping gives you such great, proven results, doesn’t it make sense to have a helping hand? Say bye for good to internet scams.
We’ve created a method for anyone buying a home to get a great deal on a mortgage. It’s as if you had your own personal expert working for you, doing the heavy lifting and helping you at every step of the way!
Best of all, we aren’t affiliate with any mortgage, real estate or other companies so you can be sure you are getting advice that’s tailored for your benefit, and your benefit only.
- A simple process to deal with mortgage lenders
- A proprietary app that acts as your own private mortgage advisor
- Free web help and question forums to get even your trickiest questions answered
- Expert help to save the most money possible.
In a sea of online confusion, our program provides clarity, confidence and results.