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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Transparency In The Mortgage Industry
Posted on 07/26/2007 10:31:21 | Link | Post Comment
Do you have an adjustable-rate mortgage? If so, what's the margin on your ARM? What about the caps? Is there a pre-pay, and when is a pre-pay a good thing? These are all questions that many real estate industry professionals have a hard time understanding. Most borrowers are completely at a loss. Yet, when it comes to comparing loan programs for a variety of lending sources, knowing the correct answers can result in thousands of dollars saved over the life of a loan.OfferAngel.com, a recently launched third-party Web site, seeks to provide an unbiased evaluation of competeing loan offerings. Rather than selling the borrowers' information to competing, lead-buying lenders, their system collects a fee from the borrower. Actually, part of the sysstem is free. The borrower completes a profile, then chooses any lender they want to participate. Lenders can then submit their offering for free, but are required to give detailed information on the parameters of the loan. For an aditional fee to the borrower, Offer Angel offers a custom report that explains the differences between the offering, and warns them when said offering does not meet the criteria the borrower originally requested.
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