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Lonely? Apply for a Mortgage Loan Lonely? Apply for a Mortgage LoanSuppose you've decided to replace your refrigerator. You go to your favorite retail establishment that sells refrigerators, check out the latest models, and pick one out. The purchase is going to run a little more than you thought (what doesn't?), so you're going to have to finance the purchase through the store. You sign a few papers, wait for the credit approval (which you understand includes the customary credit check), arrange the delivery time, and you're on your way. The next day, while your still on your first cup of coffee, you get a phone call from someone you've never heard of who tells you he knows you are looking for a new refrigerator and that he has the best one available on the market, and it's on sale. This happens a dozen times over the next few days. What could have happened? How did they know? Did your salesman attend a meeting of refrigerator salesman, have too much eggnog and brag to everyone that he sold a "Triple Decker Frost Free to Mrs. Earnest J. Langhorn at 227 Main St.? You call the salesman, who tells you no, he didn't spread the word, but the credit repository sold your information to someone who has then sold it to other refrigerator salesman. Does this really happen? Not with refrigerator purchases, at least that I know of, but it happens with mortgage loan inquiries all day long. As many people that have applied for mortgage loans can testify, within hours of their applying for a loan they were bombarded with phone calls from other lenders and brokers. The three credit repositories, Equifax, Transunion, and Experion sell mortgage loan inquiries immediately upon receiving them, and within hours your name and other information is in the hands of those willing to pay for them. I'll have more on this next week. Interest rates on thirty year fixed rate mortgages remain in the low five percent range as of Dec. 20, 2008. Carl Trawick is a Mortgage Specialist and Licensed Mortgage Broker with the firm Access e*Mortgage. He can be reached at 904-343-1145 or ctrawick@nefcom.net |
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