A lot of lenders will brag about having the lowest rates or the best deals. But when you want more details – when you want the actual facts and figures involving their loan rates – they become much more elusive.
It’s easy to say “we beat out competitor” because legally, you don’t have to actually prove that it is true. Saying “we are the best lender” is one thing, but advertising false numbers for your loan rates is another. It is, in fact, illegal.
For this reason many lenders will bury the truth deep within the fine print of their contracts and paperwork.
It’s up to you, as the borrower, to put aside all the bold misleading statements and figure out what your bottom line is going to be.
In other words, how can you find the best loan rates? (more…)