I have realized that financial decisions are complicated! If you are planning to look up information on mortgage on the net, it’s not as simple as purchasing books online which have user reviews about how many of them bought the book, loved the book or gifted it to someone.
You would see consumers spending time and efforts more time bargaining for a discount as low as $5 on their grocery shopping as compared to seeking information on mortgage or analyzing whether the timing is correct to purchase a house.
If it’s refinancing that’s on your mind (and concerns pertaining to the drop in your credit scores due to late payment of bills) or if you are buying your first home ever seeking to take advantage of really low rates of the past (even though they are fast rising), then by all means it’s the most daunting task for consumers today.
I see borrowers having hitches even in a time when refinancing has picked up lightening speed. Not only that but I see homeowners paying sky high costs of closing existing mortgages, and ignorant of the rates that are applicable which can be fixed or adjustable. If this is not enough, I have seen homeowners being uncertain as to how and why do the points matter.
If you too felt helpless then there’s hope as a new website called SmartHippo.com offers clear and forthright advice. CEO of SmartHippo.com, an online mortgage shopping site, George Favvas opines that mortgage overpowers borrowers.
Explanation on mortgages is very complex, full of with jargons, and do not have a transcriber who could educate the customers about the esoteric but critical information about the deal.
The SmartHippo website, which is in the beta stage of testing, comprises a new feature that enables borrowers to ask questions from loan officers directly. Initially this looks like an advertising and promoting effort, however, the identity of the officers and their employers is visible to the borrower. If you think this was good then there is something much better, borrowers can now rate these officers as good bad or phoney! Zillow, a real estate online firm has a user centric question and answer feature.
I posted a query on SmartHippo on the type of mortgage fee levied and frankly got a detailed explanation from the loan officer that was excellent.
I wrote a query asking what could be expected in terms of mortgage fees. The loan officer who answered my query advised me to go mortgage hunting and bargain on the mortgage fee with possible loaners. Of course, the material had promotional information about the lending firm towards the end of the reply but it was transparent, as the lender had listed his firm’s name. The portal not only was user friendly and allowed multiple answers from loaners for a query. I feel that different opinions do give a user a chance to measure the available options.
I don’t think that online sites like SmartHippo offer any sort of protection for borrowers who could opt for bad mortgage deals, but they definitely do give guidance to borrowers to make judicious deals. Well, if you have ever visited an online mortgage site then you can let us know where you source information on mortgages online. What helps you to decide whether the information is trustworthy? Which site is filled with complex terminologies and which has simple and concise explanations? Do share your experiences on mortgage with me.
I really liked your opinion! I look forward to more insightful info.
Thanks. I would surely post more info on this regard.