Junk Mail, Telemarketers and You

We all know the drill: you’ve just come home from work, picked up your stack of mail (of which there is only 1 bill, no letters and 15 “pre-approved” credit card and mortgage offers), walk in your front door and the phone rings. Dropping the groceries and the mail you get the phone and it’s a Special 1 Time Offer Only For (fill in your name) RIGHT NOW! Slamming down the phone, you spin and trip over the dog and land face first in the groceries- the fresh spinach in particular.
Want to know how I cured most of this? You can call 1-888-5OPTOUT or visit the website: www.optoutprescreen.com and follow the instructions. It is a free service that the credit bureaus were forced to put in place by Congress several years ago to take your name off of “prescreened” lists that the credit bureaus sell to marketing firms. I also put all my phone numbers on the do not call list. These 2 steps cut the phone calls off entirely and 99% of the junk mail from ever arriving.
So, what does this have to do with mortgages? The credit bureaus that sell pre-screened lists for credit card companies also sell lists to mortgage companies. These mortgage lead lists are generated when a mortgage broker or banker checks your credit while processing an application you submitted. Once the bureaus see the credit inquiry, the list is generated and sold within 12 hours. The phone calls then begin. The companies that make these calls operate under the theory that if they throw enough mud on the wall, some is bound to stick. They have no interest in providing you with options that may benefit you, or trying to save you money. They only want to close the loan and move on to the next lead. Just like the credit card companies that send you their offers, they are only interested in getting as much of your money into their pocket as fast as they can.

Fixed rates for mortgages under $417,000 as of 9/22/06 (a.m.) are:
(Rates quoted are for 0 point loans)
30 year fixed: 6% (APR 6.07%) payments are $2,500.13/mo.
15 year fixed: 5.625% (APR 5.744%) payments are $3,434.96/mo.

NOW IN ARIZONA!

Richard Lockie has accepted the position of manager of the new Mountain Coast Mortgage branch in Arizona. He can be reached at 480-626-7496 or 831-818-1212.