Are mortgage lenders taking a new approach
... with honest advertising.
I was in my car running all the catch up errands this morning and heard an ad by Lending Tree on the radio that differed from most of the typical misleading and lies most lenders have been using the past few years.
Lending Tree pointed out that a home equity loan would likely have a lower interest rate because it is secured by your home rather than borrowing with an unsecured loan. But get this, they made the point to only borrow what you could afford to pay back. How about that for a new (and refreshing) approach.
We are still seeing the sleight of hand by other mortgage lenders. Still running on the Internet are the famous Lower My Bills advertisements (this might be a slightly older version but it was easier for me to find on my computer than to search for their current ad).
As we've said on countless occasions, the above ad is totally misleading. Not only does a Fed rate cut not impact mortgage rates but a $180,000 mortgage has a higher payment than under $699 per month.
If you are shopping for a mortgage loan, of course it is best to get the lowest possible rate. But it's even more important to find a legitimate and reliable lender.
Ask your Charleston real estate agent (hopefully, that's me) for recommendations of several good, honest and reliable lenders who can help you finance your next Charleston home.
And it's good to see Lending Tree take a more appropriate approach to advertising and lending.