A lawsuit is in the works against Bankrate, after hundreds of consumers complained about lenders who failed to deliver the rates and terms they promised on the website. In fact, one lender actually told a Bankrate employee that a consumer would need a “direct pipeline to God” in order to qualify for the rates and terms they advertise on the site. Why would a lender post rates and terms they are unwilling or unable to honor? To lure in consumers who truly want to believe that they are getting an interest rate or cost package that is significantly lower than all the competition. And by the time the consumer finds out they are not getting the package they were promised, they likely have wasted enough valuable time that they feel somewhat stuck to use whatever terms the lender hauls out. “from Bloomberg July 07.”
The old adage “You get what you pay for” comes to mind. Always consult your certified mortgage professional to obtain the loan program and terms that best suit your overall financial strategy and your current financial needs.
The David M. Damare’ Team quite frequently is able to rescue borrowers from this scenario and meet the original closing date and time if the borrower has not committed funds to the lender in question.
Rates available anytime upon request at 919.851.0999.
Thank you for the opportunity to serve you.
