Summary
There's no question about it, the mortgage business is slowing. Fixed rates are up, adjustables are up, home equity rates are up and the housing market has ebbed. But these things aren't the only telltale signs of a slowdown. Aggressive sales and advertising tactics are up, signaling a more desperate industry.
I put on my consumer's hat and made a few phone calls, poked around the Internet, and read the fine print on various published mortgage offerings. My findings? All is not necessarily what it seems after you dig a little deeper. Here a few examples.See the full content of this document
Extract
Aggressive Tactics As Sales Slow
* A federally chartered bank puts a large advertisement in the newspaper touting a home equity line of credit with a rate equal to the prime rate minus 3/4 percent. As far as ...
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