Why "Rates as low as..." Must Be Stopped

Posted by Elijah Murray on April 07, 2014

We all know interest rates and their corresponding fees are super-duper important when it comes to your refinance. But, Google search 'mortgage rates' or 'refinance rates' and surely you will see an ad on the side spouting "RATES AS LOW AS _______!" You wouldn't click on this, of course. You're far too smart for that and you know deep down it’s just a deceptive marketing trick. But so, So, SO many people do every single day only to enter a mind-bending assortment of sales tactics that make used car-salesman look more honest than Abe.

Perception vs Reality

So, you clicked on that ad. And now, it’s just lead-generation time. Give ‘em your email and phone and get ready for the onslaught. If you’re lucky, they won’t sell your information to 5 other lenders. In your mind, that super low rate is burned into your brain. Then, when you find out what you actually qualify for, disappointment sets in. And now you feel like you’re being sold so you continue to shop, repeating the process over and over again. This is why the vast majority of homeowners hate the mortgage process.

About that too good to be true rate that’s advertised

Yes! Yes, you can get rates as low as ______. But, under what terms? Pre-payment penalties? Adjustable rates? Insane levels of fees? Teaser rates? Do yourself a favor and do not buy the hype. Find and compare reputable companies like GoRefi that offer to be up-front and tell you what you qualify for instantly. A simple tool to make sure you get the best mortgage for your needs. No tricks, no fuss, just straight-shooting.

Happy shopping!

Topics: Mortgage 101

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