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Mortgage Applications Trigger Competing Offers
Mortgage Applications Trigger Competing Offers
By Broderick Perkins
April 16, 2007

Put a stop to those postal mailed mortgage offers that begin arriving soon after you apply for a mortgage or let them keep coming until you find a better deal.

What with the tightening mortgage market putting the squeeze on consumers scrambling to get the best loan, a recent Federal Trade Commission alert, "Shopping For a Mortgage? Your Application May Trigger Competing Offers," couldn't be more timely.

Much to the chagrin of some consumer advocates, when you apply for a mortgage and the lender pulls your credit report, your file lights up like a runway for other companies with money to lend.

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How to protect yourself from deceptive online mortgage advertising.

How to protect yourself from deceptive online mortgage advertising. If it sounds too good to be true, then it probably is. Because the mortgage market has slowed in recent months and the Internet phenomenon, mortgage companies (lenders and mortgage brokers) have found a new way to get business. They purchase mortgage leads from Internet lead generation services. What is a Mortgage Lead? A mortgage lead is an application with consumers home loan information, who lenders, mortgage brokers and loan officers can hopefully convert into borrowers. If you were attracted by an ad such as "mortgage rates as low as 1%" or other teaser rate solicitations, and filled out an online form, you are a lead.

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