Maybe Web Loans Are Too Good To Be True
Posted by PA on February 26, 2009
Does anyone know anything about those sites that help you to compare and apply for loan rates? I’ve viewed them askance for quite some time, but I just don’t quite trust them. What do you do? Just pick the deal you want and then plop it into your shopping cart? I mean, it’s so difficult to get a mortgage out of a regular bank. We’re currently trying to get one on a second, rental house, and I just faxed sixty nine pages of documentation—do these websites ask for that?
Or are they just links to their home pages? How can you compare rates until you send each and every one of them all of your financials and permission to each pull a credit report? I’m not sure that this is traditional e-commerce; it seems like it must just be some sort of source page or something.
So who out there knows a little bit more about all this? I just can’t understand how it must all work. And if it’s easier than dealing with a traditional bank, is it because all the banks on the site are smaller? If that’s the case, then the whole thing seems scarier than ever, especially in the current climate of bank failures.