October 16th, 2009 10:53 PM by BILL WILBANKS
Every so often I go back and look at a few of my previous blogs and this one from June 21, 2007 is still relevant today...I mean really!:
I was just thinking...
Humorous Mortgage Ads!
Misleading ads. I've been in the mortgage business many years and even I'm tired of them. Aren't you? First of all you can't get your key in the front door until you remove the flyers and their industrial strength rubber bands from around the knob (careful not to trip over the latest gift from the phone book fairy today). It only takes five minutes to thumb through the 2 inch stack of flyers and official looking envelopes in today's mail. You did get a pizza coupon that you place under the Realtor® fridge magnet with it's 2005 calendar.
Before starting on tonight's takeout dinner, you sit down to relax and the phone (on the other side of the room) rings and it's a mortgage consultant wanting a moment or two to complete a "very important survey". After hanging up on them, you click the remote to see the same mortgage commercial on all 184 satellite channels. It's telling you they know yur "Smart" (unlike everyone else that thinks you're dumber than a rock, right?) as if that alone will make you want to call them to apply for a mortgage. The blurred disclaimer at the bottom of the ad looks like it was badly hand printed by a three year old with a broken pencil (apologies to all three year olds). The message? You're so smart you might want to actually read it?
You decide to keep flipping and other than the same "Breaking News" report you watched at 7 AM this morning it's another company advertising another Great Rate (the rate is 6 inches tall on your new big screen TV and can be read by those folks up there in the space shuttle) but you can't read the details on the disclaimer block before it disappears faster than the last biscuit on a boarding house platter at meal time. You're ready for it next time.
Your remote has a "FREEZE" action button and you zap it before it even knows you're trying! Aha! That 5.625% rate with the 5.98#@*% APR has two points in it (that's just $4,000 on the $200,000 loan you've been thinking about) and it was available the week of March 15, 2007. GREAT! Ok, then you remember today was June 21, 2007. That was over 90 days ago. When you call to see if it is available you are told no, "We're not a lender, we just provide quotes from various lenders." But, they ran that "Great Rate" in their ad for 3 months. They did make certain to disclose that "rates are subject to change" in the ad. That makes it ok, right?
Bill Wilbanks / www.OrlandoMortgageMasters.com