Wisdom & Mortgage Rates by Lucy Mortgage, Mt Pleasant SC

Posted By Reggie Walters @ Jan 22nd 2017 12:00pm In: Mortgage

Trigger Leads: Don't Be Exploited by the Credit Bureaus

Certain mortgage companies will pay top dollar to know exactly who is in the market for new financing. What's more, the major credit agencies not only allow files to be flagged whenever someone applies for a home loan, they actually sell this private information as leads to the highest bidders!
For a price tag of $25 to $100, names, addresses, phone numbers, mortgage histories, and even FICO score ranges are sold by the credit bureaus to mortgage companies, which then blindly solicit business.
Unfortunately, no legislation exists to prevent credit companies from profiting from this practice. As trigger leads, consumers are simply at the mercy of any number of solicitations designed specifically to discredit the mortgage professionals they've come to know and trust.
Remember, a limited number of sources exist for lenders to obtain mortgage money, and it's unlikely that a borrower will find an unbelievably low rate without an unbelievably high cost. That's why, prior to applying for any loan program, consumers should visit www.optoutprescreen.com to opt-out of credit bureau solicitations and avoid the problem altogether.
As consumers embark on what could be the largest financial transaction of their lives, it's important to work with a mortgage professional who clearly explains all available options and provides comprehensive solutions.

Mortgage Interest Rates*

Rates as of Friday, 20th January, 2017:

 

Term

Conforming

APR

Payment per $1,000

Jumbo

APR

Payment per $1,000

30-YR Fixed

360

4.125%

4.31%

$4.85

4.375%

4.404%

$4.99

15-YR Fixed

180

3.375%

3.41%

$7.09

4.0%

4.048%

$7.40

5/1 ARM

360

3.375%

3.743%

$4.42

3.5%

3.7741%

$4.49

FHA 30 FIX

360

3.75%

4.64%

$4.63

-%

-%

$0.00

VA 30 FIX

360

3.75%

3.92%

$4.63

-%

-%

$0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility. Payment amounts do not include amounts for taxes and insurance. Actual monthly payment could be higher.
For professional use only. Not intended for consumer distribution.  

Rates Assume 20% down, excellent credit, primary residence and 30 day rate quote. FHA assumes 3.5% down on $335,000 Sale Price. VA assumes first use on $400,000 Sale Price. The above quotes have 0% points and 0% origination fee.

© 2017 Vantage Production, LLC. All rights reserved.


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