Be careful
I don't suppose I'm that different from most everyone who uses the Internet in that I'm very careful online about who and when I give my contact information away. At least I hope that's the case and that you are careful because there are a lot of shady folks out there.
One particularly annoying group of shady characters are the mortgage lenders who advertise online.
I was contacted the other day by a couple who told me that they were preapproved for a mortgage and didn't have an agent and wanted my help in finding and buying a home for sale in Charleston. But no more than 24 hours later, they told me that there were some credit issues that needed to be cleared up. And lo and behold, where did they get their preapproval, online of course.
It would seem that you are either preapproved or you aren't. If there are issues, you shouldn't be preapproved until those issues are resolved.
Obviously, a lot of the problems in the economy stem from some of the craziness that existed in the mortgage industry. And you would think that whole mess has been cleaned up but apparently, it hasn't been because you can still find mortgage ads today that appear to be suspicious.
A good example can be found in the ad to your left.
Of course, mortgage rates are historically low today and it's just too bad that some mortgage ads are touting rates that are even lower. I'm sure the fine print discloses some of the fees, requirements and whatnot but these rates are so far below market that it just makes you wonder what's the matter with this picture.
Keep in mind the old phrase, if it looks too good to be true, it probably is.
And, let me just say that it wasn't just the online mortgage lenders who did all the bad things and that "brick and mortar" lenders were choirboys during the wild west mortgage days.
While I'm on the subject of being careful, it never ceases to amaze me that those who can least afford it are the target of scamsters.
Apparently, programs that promise loan modification are being sold to those who are in trouble with their mortgage. There is no need to pay anyone to help you get your mortgage loan modified because every major lender is cooperating to help troubled borrowers.