A basic tennet of capitalism is that competition is good for the economy. It helps prevent price gouging and ultimately leads to a better product for the consumer. Well, that sounds great and all, but that doesn’t always hold true; especially with mortgages.
Don’t get me wrong, I’m in favor of competition. What ends up hurting people is too much competition. What can a sophisticated investor such as yourself do to prevent being raked over the coals in spite of the fact that you’re shopping for the best rate on a mortgage? Well, I’m not going to tell you…alright, fine, I will….but it’s going to be broken up into several parts over the next couple days. Sorry, you can’t have it all at once…that would just be too easy.
I’ll cover how your FICO score can be negatively affected as well as the possibility of rate shopping so hard you weed out the best mortgage brokers. So, what can you do if you shouldn’t be shopping so hard? Well, I’ll also cover the end of the rate search.
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1 BILL // May 25, 2007 at 5:59 am
PS.
THE LOANS BEEN SOLD 2 TIMES SINCE TO DIFF. COMPANIES
2 From Good To Great - 1 Degree of Separation // Aug 8, 2007 at 5:11 pm
[...] rates are. Most professionals give them a rough number and that person shops and shops and shops (which is actually counterproductive, by the way) until he or she finds the best rate possible, or so they think. If you follow the previous link [...]
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