How to Avoid Mortgage Advertising Landmines
Avoiding mortgage advertising landmines is not a topic that I’m real happy to have to write about.
Thing is, I rant about this stuff all the time. Nothing irks me more than misleading advertising, especially if it’s in my own industry.
Listen, there are still a LOT of people in the mortgage industry that are focused only on that almighty paycheck, not their customer.
Only just last week another major lender, Allied Mortgage was suspended from offering FHA mortgages and are being pursued by the Department of Justice and being accused of fraudulent lending practices.
Wan’t to know the best way to identify when a company is lying? They spend thousands of dollars to tell you that rates are at historic lows.
In my opinion, one of the biggest offenders of misleading advertising is a certain “pay day” loan company that charges super high interest on “personal loans” until payday – And now they’re in the mortgage business!
One quick lookup on ConsumerAffairs.com will produce a laundry list of consumers that have been lied to.
I’ve been helping folks finance their homes for 12 years now, and I can tell you from experience that every person is different.
You don’t have the same job history, liabilities, assets, credit scores, circumstances as the next person – You’re unique, your family is unique.
This is where I have the problem. You qualify for what you qualify for – everyone does.
Any lender willing to advertise “interest rates” to lure you into calling them is willing to lie to you.
We’ve talked about this before – interest rates change every single day, sometimes several times a day.
The interest rate you hear on the radio may not be available to you – they even tell you this – you just have to be a speed listener as the announcer screams through a disclaimer that basically says everything I’m telling you right now.
Your parents told you “if it sounds to good to be true, it probably is”. Your parents were right!
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Additional Resources
Do your homework! Here are a couple of great resources to help you do a little research before you fall for someone’s fancy “sales pitch”.
If you have questions, ask an expert. Experts do not work in mortgage call centers!
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From one lender to another… This is great info that you are sharing. I hope the consumer HEARS what you are sharing.
We gotta stick together Ron! Our voices are being heard, I see it every day. Together, with responsible lenders like yourself that focus on educating and empowering consumers, we’re making a difference 🙂