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Author: Dwdonhoff Big gold star, 5000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127801  
Subject: Re: Mortgage It.com Date: 8/15/2001 10:03 PM
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Hi Mario,

They're a loyal paying advertiser on The Fool, and make it possible for us to do what we do for free...

*I am grateful!*

That being said... here's the fine print on their quoted rates (in addition that their rates never seem to shift up or down with true market fluctuations...) I'll leave you to conclusions;

THEIR QUOTE ASUMPTIONS
***************************************************************

Loan Amount: $275,000 or less
Down Payment: 20%
Property Type: Single Family Residence
Loan Purpose: Purchase
Occupancy: Primary Residence
Rate Lock Period: 30 days
Income Documentation: Full Income


Keep in mind that our database does a customized search for your rate based on your unique circumstances. Rates and closing costs vary due to many factors including those listed above.

APR assumes the following: $275,000 (or lower) loan amount, single family detached residence and a loan-to-value ratio of 80.00%. Also assumes no subordinate financing. Assumption based upon variance of up to 3 points.
***********************************************************

Big weasel clauses here... PLUS quoted rates start out with 3 DISCOUNT POINTS.

If you want to do a combo, there will be adds to rates/fees,
If you're not full-doc income, adds to rates/fees,
Anything other than stick-built home, adds to rates/fees,
Other than perfect credit, adds to rates/fees,

Basically, the quotes published are dream rates in a perfect world at the luckiest conceivable time with nothing unusual.

NOW... you asked about experience with them, which I have none. Maybe they're the biggest studs in service that ever wielded a calculator... but not a lot of web-based brokers are.

Let's see what our fellow Fools know.

Cheers,
Dave Donhoff
Mere Mortal Mortgage Maker
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