Which bank offers the best interest rate?

[recuerdeme]

"Lending Tree worked for me"
Banks compete for your business.

[Timnwendy]

I suggest doing comparison shopping at http://www.bankrate.com

[rcarrillo]

Originally Posted by Timnwendy

I suggest doing comparison shopping at Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans Mortgages Best Rate Calculator Bankrate.com

The problem with bank rate, is that while they are telling you that they are there to help consumers.... they tell us lenders:

>>>
Bankrate.com, the internet’s leading aggregator of financial rate information can help grow your business by reaching our highly qualified and desirable audience.

The current mortgage and financial markets are driving a record number of in-market mortgage and home equity prospects to the Bankrate web site. A listing on Bankrate’s mortgage rate tables will enable you to capitalize on this tremendous influx of in-market mortgage consumers.

You can manage your rate table listing directly from your computer:

· YOU update your products and rates – as often as you’d like
· YOU determine the amount you would like to spend per day/week/month
· YOU decide when you want your listing to be “live” and when to pause it (on weekends, if you’re out of the office, etc.)

Your listing can be “live” within 48 hours of deciding to place your product(s) on Bankrate.com. Take advantage of the tremendous consumer interest in the mortgage market right now!

Since there are no set up fees or contracts, you have the perfect opportunity to test the water and find out first hand how we will WORK for YOU!
>>>>


They are just pimping you out to whichever ones of us are willing to pay the price. Its ADVERTISING, and just like any other form of sales is full of pitchs that can be deceptive. Think of it this way, if I was going to pay money to be listed... would it make sense to say my rate is 6.5% if another lender is advertising 6.25%?? Maybe, because I want to be honest... but enough others will quote 6.125% or 6.0% to try and get hits to their website.

I never bothered with bankrate, I would rather earn than buy my business. But I know enough people that have paid for lending tree and bank rate leads, most of them were the telemarketing salespeople that could not make relationships or deal with clients face to face. Sure you might get lucky on there, but remember when the sole qualifying factor used is price, you may not get value.

[rcarrillo]

As for ARMs, they are a good deal if you could be 100% certain of the future. When I bought I planned to be in the home for 5 years... its been 8 now. If I had bought with an ARM I would have been forced to look for a refinance or take my chances 3 years ago.

Also, lets see if Tristans Mommy comes in here to post. She took an ARM and did all the right things to get in position to refinance... but because of changing guidelines and home values she was locked out of the market. So there are factors beyond your control. Many loan officers pushed ARMs with the promise of a refinance in 2 years.

Now those people are are upside down in their homes and can not sell or refinance. No matter how great their credit, income or assets... if you owe 20% more than the home is worth you are now stuck in it with that ARM. You options are beg the lender for a modification (because of the risk you took on), do a short sale, foreclose or live with the higher payments.