When you call a lender… are you really shopping for the lowest rate?

Or if you still believe in Santa Claus, have I got a loan for you. So you want to refinance your home loan? And you want to get the lowest rate! Boy, that's a surprise. Where are you going to go to get that hot deal? Where are you going to go to find that diamond in the rough… the Holy Grail of mortgage rate? That's the myth. When you go shopping for a new loan you really are searching for the services of a professional that has access to the lowest mortgage rates. People that focus simply on the rate and not the lender are missing the boat; or at the very least are on the wrong one. Remember the Titanic? Let's look at what you do when you refinance a home.

Well, if you're like most, you look in the paper and look for the lowest mortgage rate. You pull out the Sunday paper and circle five or six ads in the mortgage advertising section. Of course, you are probably going to call on the lowest rates in the paper. Advertisers are aware of that. As a result they are compelled to push the outer edge of the envelope, and sometimes really advertising the lowest possible price in order to get you to call. Have you ever called on an ad for a product and found that the product advertised was either not in stock, sold out, or there were a limited number of $9.95 widgets, but there are 70 of the new and improved $19.95 widgets?

Over-promising and under-delivering are real problems in the world of advertising...