Internet Lenders
Should you go there or not?
Bankrate Feels The Heat: Bankrate, the "800-pound Gorilla" of internet lenders is under fire.
Bankrate draws thousands of visitors, with listings of various internet lenders posting low interest rates & low loan costs. But as many reputable mortgage companies have known all along, consumers are seeing that the reality of Bankrate may be a little different.
A lawsuit against Bankrate was filed, after hundreds of customers filed complaints regarding internet lenders who didn't deliver the rates & terms they quoted on the net. Amazingly, one lender reportedly told a Bankrate staffer that a customer would have to have a "direct pipeline to God" to qualify for the interest rates and loan conditions they advertise on the website.
Why do lenders post rates & conditions they are unwilling to deliver? They want to lure in consumers! By the time the borrower figures out they're not going to get the loan package they were quoted, it's often too late to change lenders & they're stuck with the new rates and conditions the lender produces.
Are there reputable lenders on Bankrate? Absolutely, in fact some of those reputable lenders were the very ones who prompted the lawsuit in the first place.
The Bottom line is, use caution on the internet. It can be a great resource to see basic trends and information about home loans, but the Bankrate lawsuit just shows the need to work with a Known Trusted Lender.
Like Mom & Dad always said "you get what you pay for". Raleigh Home Loans are highly competitive as compared to internet lenders. When you use a Local Raleigh Mortgage Lending Expert, in the end, it usually pays off with a smoother transaction & no big surprises at the closing table.
We Strongly advise all our Raleigh Home Buyers to use our "Trusted Local Raleigh Lenders"!
If you have questions about any Raleigh Home Loans or Raleigh Interest Rates
Email Us or Call Us Today at 919-280-2726
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Content By Erin Bohner
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