Mortgage Shopping Done The Ebay Way
Homeowners looking to refinance their mortgage or to obtain a new mortgage now have a revolutionary new online resource in BrokerBids.com (www.brokerbids.com). The site is designed to help connect consumers with mortgage professionals that are able to offer them the best rate and terms without any phone calls through out the process. Instead of going through the traditional process of answering the same application questions for each financial institution, and having repeated inquiries made to their credit report, while receiving numerous unwanted phone calls to gain their business, BrokerBids.com users are able to simplify the mortgage shopping process with just one application, zero phone calls, and only one credit inquiry.
Traditionally, mortgage shoppers could go from bank to bank and complete an application to receive their offers, or they could request information through an online website and have brokers and lenders call them to take the application. Either way, consumers would have to complete a new application each time they applied, answering the same questions, and be inundated with phone calls from lenders to gain their business. More importantly, consumers had to give out their social security number to each institution in order to check their credit, adding to their list of inquiries, and potentially lowering their credit score.
The biggest inconveniences with this method are that once consumers have completed their search for that perfect mortgage, odds are that they would still receive phone calls long after their needs had been met, and not to mention dealing with dishonest lenders that would quote one rate, and give another at the closing table.
Well, brokerbids.com has a better method to helping consumers find the best mortgage deals without the inconveniences. Consumers may complete their ”Mortgage Bids” application online, and have only one inquiry made to their credit. The necessary details such as credit score range, balances, payment history, are provided in a summary to their registered brokers and lenders, which review the information provided, and make their bids, or offers, to consumers. Private messages may be exchanged to clarify any questions or details, and from the offers received the consumer may select a winning bid if they choose to move forward with their mortgage needs.
The consumer’s name, social security number, and address are not disclosed. Each offer they receive includes its own good faith estimate, which can be viewed online or printed out. Consumers also get to view the broker’s feedback rating which allows them to see past consumer experiences. All offers are blind, meaning that the brokers and lenders cannot view each other’s bids, only the consumer has access to view all. Once their mortgage needs have been met, consumers may leave a feedback rating of their own, based on their experience, for their broker. This helps to ensure consumers’ get what they were initially promised.
For more information regarding the Mortgage Bids program please visit www.brokerbids.com, or by email email@example.com, or call toll free 800-259-BIDS.
The Brokers Network, LLC
11207 Dunstable Way
Germantown, MD 20876
Toll Free: 800-259-BIDS