Finance Articles

Americas Watchdog Applauds American Interbanc for Calling Attention to Mortgage Bait and Switch Schemes Used by Some of the Largest Lenders in the U.S

(PRWEB) June 29, 2007 -- Americas Watchdog is one of Americas premier consumer groups focused on homeowner or mortgage related issues in the U.S. In May of this year, Americas Watchdog gave American Interbanc its highest recommendation for being the best lender in the US for consumers with good credit, seeking a conventional mortgage financing, or refinancing.

Americas Watchdogs highest recommendation of American Interbanc was based on best interest rates, and best fees for a conventional mortgage. Americas Watchdog is now applauding American Interbanc www.americaninterbanc.com for their calling attention to a national epidemic of mortgage lender bait & switch (Promising and unsuspecting borrower one thing, and then giving the borrower something else). According to Americas Watchdog this is a gigantic problem involving print advertising or Internet advertising, promoting rates that do not exist, or caveats associated with the mortgage interest rate that essentially make it impossible for the average mortgage borrower to ever get what was hoped for. (AKA Bait & Switch)

In a notice to all U.S. Mortgage Lenders American Interbanc said the following:

Notice to our competitors:

June 27, 2007 American Interbanc intends to vigorously pursue competitors who are not posting rates that are available to consumers.

* Penalties charged for cash out refi's when none exist is bait and switch.

* creating arbitrary underwriting guidelines in order to avoid honoring an advertised rate is bait and switch.

*finding a reason not to honor your flat fee rates for higher loan amounts, where your margins drop to zero or below, is bait and switch.

Americas Watchdog applauds this courageous action on the part of American Interbanc. According to Americas Watchdog, "smart consumers and homeowners should also be on the look out for the following":

* If a radio or TV advertisement promotes a mortgage interest rate that sounds too good to be true, it probably is. If a consumer hears the phrase "no points" in an ad, it just means the consumer will get a higher monthly mortgage payment. If a consumer with good credit is seeking the best available interest rate and fees on a conventional mortgage finance or refinance, Americas Watchdog strongly recommends contacting American Interbanc.

* Let 10,000 bankers fight for a mortgage? Its a lie. These are slick "mortgage lead generation firms" that have no interest in the consumer, or a consumer obtaining the best interest rate. According to Americas Watchdog, "many to most of these firms simply get paid by sending the consumer to a mortgage lender regardless, if the lender is honest, or not".

* If someone calls a consumer and says: "Hi this is Bobbie and your neighborhood has just been approved for a 1% mortgage"; its a lie. Stay away from 1% start rate mortgages or pay option adjustable rate mortgages.

* If a consumer gets a computer pop up ad that says "Rates At Historic Lows" or some other nonsense do not take the bait. Once again, this is a tactic by "Mortgage Lead Generation Companies". If a homeowner is looking to obtain the best priced and most honest financing or refinancing options for a conventional mortgage please contact American Interbanc www.AmericanInterbanc.Com

If a consumer feels like they might be one of the millions of US consumers who have been cheated or bait and switched, by a dishonest mortgage lender or bank, feel free to contact the National Mortgage Complaint Center at Http://NationalMortgageComplaintCenter.Com According to Americas Watchdog, "Its pretty sad when there is just one courageous mortgage lender in the US, with enough integrity to call attention to serious industry wide problems. Americas Watchdog applauds the courage of American Interbanc to actually say something about protecting consumers. Its about time."

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