SHOPPING FOR THE BEST INTEREST RATE? HOW ABOUT 11.5

As you may know, I published a book called It’s Not About Rate…OK, let’s stop right there. It’s not about the interest rate?  Then what can it be about? You don’t have to read my book to have a good idea what are the critical factors in being approved for a mortgage.  Still….there are companies that want you to believe that shopping for the lowest interest rate is the way to go in finding a lender.

Zillow.com has a new mortgage page. The information is, for the most part, pretty informative and practical. A good place to educate yourself about both the mortgage and real estate process.

However…their “find a lender” (or, I guess, the lender finds you) search is not unlike many of the internet-based companies that are trying to lure people into believing that finding a lender is like buying a bottle of ketchup:  all are the same and you just want the cheapest (and we all know that all ketchup is not the same.)

I could go on and on about the many dangers of using this site for finding a lender, but instead I would go to Lenderama’s site and read this post. It’s great and explains the objections in a sensible and thoughtful manner.

 

3 April 2008 | First Time Homebuyers, Fixed Rate/ARM, Pre-Approval, Programs | Comments

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