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Bad Credit OK!

Have you ever seen those mortgage ads that offer great mortgage rates and monthly mortgage payments, and even go as far as to say “Bad Credit OK!”? I just saw one and got the urge to write about it.

I’m sure you’ve seen them too, and what they really mean is sure you can get a loan with our mortgage company, but it won’t be the rate or payment you see in the ad.

It will be significantly higher than the quote you see in the ad. And by higher, I mean nowhere near the quote you see before you. A rate so high that if advertised, you probably wouldn’t even consider the mortgage at all.

These ads bother me so much because they are completely misleading. I know all advertising is simply trying to lure you in, but when it comes to selecting a mortgage, the cost can be devastating to a homeowner and their family.

I’m sure this isn’t a revelation to anyone, but just a reminder to anyone rate shopping. Before you shop, take the time to improve your credit score unless you are completely desperate and can’t wait. If you can hold out a few months and raise your score even five points, it could result in huge savings. Don’t be the one searching desperately for the little “Bad Credit OK!” bubble in the ad. Be the one who is confident about their credit score. Yeah!

I also thought it would important to mention the e-mail spam that contains subject titles such as “Home Elquity Approval” or “Save your Payment with a great Refinancing!” from sender “È«¼ö”. Should I trust a sender called “È«¼ö” to handle one of the biggest decisions in my life?

Now I don’t know how many people open those e-mails, or actually follow the links they contain, but if you do, please don’t.

Aside from the fact that they are sent at random, they could contain viruses and infect your computer by simply clicking on the link within the e-mail. So use a mortgage professional or a bank if you plan on getting a mortgage.

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