A few years ago it worked very well. The consumer would fill in their information online, receive 3 quotes back and was able to choose the best deal. The customer was being served. Now it is a drastically different story that doesn’t serve or benefit anyone.
Back a few years ago all you would hear in restuarants and bars is how much so and so made on xyz real estate deal. Now all you hear is the nightmare of what happened to someone who filled out a mortgage form online.
“It’s like getting a virus on your computer and phone all at once for 60 days straight!” I heard someone shout.
“I put John’s information on one just because I hate his pompous-ass” -another one in the crowd blurted out.
Can you imagine if you thought you were filling out a form to get 3 emails or phone calls with offers and quotes? AND you even thought that you were going to take your time in making an educated decision!
Now the perpetual exponential mess starts… to your surprise you get 5 calls not 3. Then one of them promises you the best deal so you let them pull your credit. Then you get another 10 calls because brokers/lenders have bought your information from the credit bureaus. AKA a trigger lead. Then one of the 15 plus brokers or the lead company will sell your information to India or another offshore call center to follow up on your information and either re-sell it to another 5 brokers/lenders or use it for themselves.
In the end, no one wins. The consumer gets bombarded to the point of harassment and makes a decision based on frustration and confusion or worse, no decision at all.
Trust me ask someone you know if they have filled out a form online and they will tell you!
Don’t get burned my friends…if you are going to fill out a form online…do the following:
1st- OPT-OUT from having your private information trigger to companies that you did not authorize to call you or fill up your mailbox with more junk.
2nd- After opting out wait 5 days then fill a form out with a mortgage company not a lead company.
How to choose a good company/site:
1. Fill it out with someone who will do the work for you by shopping for the best deal for YOU. Most of the time you are going to want to go with a company that is both a broker and banker. That way if your deal gets turned down or is not competitive inhouse they have the flexibility to shop elsewhere for you on a wholesale level. If you don’t have time to talk to 10-20 lenders how can you have time to talk to 100+. Again, find a professional and let them do the work for you.
2. Even better see if they have some type of risk reversal guarantee to ensure you get a really competitive deal that fits your unique situation.
4. Search Google or the company’s website for any 3rd party creditability or articles.
6. Make sure they offer personal service and don’t just treat you like a number. For example “The Velocity Of Money” Make sure they are going to be with you for life not just for one deal.
7. If you still don’t feel comfortable just call the 800# on the website