How to Avoid Bank Fees

Banks now make a big piece of their revenue from those little fees they charge you here and there. A savvy consumer can get out of paying them. Most banks are making much of their money from inconvenience or convenience. More than a third of bank revenue now is generated from fees on consumer accounts. A wise customer can take advantage of the services banks are offering without paying fees.

Typically most of the heavy fees will show up on your checking account. You can negotiate with the bank to remove them. They do not want to lose you as a customer. So speak up you have nothing to lose. Worst case you can go to another bank.

GetPrequalified.com

Countrywide to be bailed out by Bank of America

The rumors still continue to swirl about Countrywide heading towards filing bankruptcy. Bank of America stepped in with a 4 billion dollar bail out plan. The last thing this country needs is a big bank failure. This would only fuel more financial uncertainty in the current credit crisis in this country. The merger wouldn’t seem to have much that that the regulators could bark about. Well, there is one thing. The total deposits held by BofA is about 9.88% of all US deposits. The limit is 10%. If Bank of America takes Countrywide on, that would probably put them over the top. I think they may have to overlook it in this instance. To much in the credit markets is at stake.

What do you think Countrywide should do?

Additional Articles

Stopping Junk Mail from Bank of America

I have tried everything to get BofA to stop sending me their junk mail. I have literally been on the phone for hours. They are like a dumb animal. Seriously if you have any tips on getting Bank of America to stop sending me their crap I would appreciate it.

GetPrequalified.com

Lending Tree three ring circus

LendingTree, When Lenders Compete You Win!!

When you fill out an internet form for LendingTree.com, you will have lenders competing but it may drive you crazy in the process. What you don’t hear about in the advertising is that you will be bombarded by aggressive sales people all trying to earn your business. Unless you like to talk to sales people in your spare time, the process will drive you nuts. In theory it makes great sense. Competition is great; you just want it to be the right kind of competition. In reality playing the multiple lender game can become a sales pitch nightmare.

What LendingTree doesn’t want you to know is that you can accomplish the same thing by dealing with just one reputable mortgage broker. A mortgage broker has dozens of mortgage wholesalers to get mortgage quotes from. An individual mortgage broker can get mortgage quotes from a variety of sources such as Bank of America, First Horizon, Ohio Savings, Washington Mutual, Wells Fargo, Countrywide, Citibank, Flagstar, World Savings, Chase and National City to name a few. A single mortgage broker can deliver you dozens of mortgage quotes from multiple lenders that they deal with. As long as you are comfortable and confident with the person that you are dealing with, they can save you hours of aggravation and pesky sales calls. The mortgage brokers for GetPrequalified.com can accomplish getting multiple lending quotes for you.

A bank on the other hand can only give you a rate quote on only the loan products that they have to offer. This can be limiting. This is probably why banks have been trying to get mortgage brokers wiped off of the lending landscape. A mortgage broker is not locked into any particular lender or money source. Interest rates change daily. A good mortgage broker can change with the fluctuations to deliver you the best interest rates offered by the different lending institutions. They will get you to the lowest interest rates because they get paid the same regardless of what lender they use. Get the picture?

The other piece of the lending puzzle most people don’t think about is using a local lender in the home buying process. When you use an internet lender, you may be speaking with someone thousands of miles away. If you have a problem with your loan, I’m sure you would want the option of getting in the car and going to visit with your mortgage broker in person so you can speak with them face to face. Problems do occour in a real estate transaction. Wouldn’t you feel more comfortable with someone you can sit across the table from? I am consistently shocked at how many potential borrowers know nothing about the person that is originating their mortgage. A mortgage may be one of the most important financial instruments that you will sign in your lifetime. You probably wouldn’t pick a stock broker in this manner, why would you pick your loan officer like this? Using an internet lender that you have never seen or met is gambling. There is no reason to do this. Work with someone that you know and trust.

Look for a lender that has been in the mortgage business for a minimum of 5 years. Ask them if they could have the phone numbers of the people that have closed loans with them in the last 30 days. There are a lot of people that drift into the industry looking to make a quick buck. The reality is that completing a mortgage takes expertise. You want someone that has spent the time to educate themselves in learning what it takes to fulfill the duties of completing the task. Someone who is professional has a great interest in making sure that you have a positive experience. They want referrals and their reputation is important to them. It should be easy to spot a slick salesperson from someone who is a consultant.

The internet is a powerful tool in the financial markets. Do your research. When it comes to business, personal relationships still rule. Talk to your friends that own property. Ask them if they would recommend the person that did their mortgage to you.

DebtFreeDave
Mortgage Broker

Additional Home Buying Articles

Stopping junk mail from Bank of America

This is a continuation of a previous post from a few months ago. With dozens more phone calls to Bank of America, I have been unable to get their junk mail to stop hitting my mail box. I have spoken with countless people all promising to take me off the list. Needless to say I keep getting it. I have come up with an idea I think might get their attention finally. I am going to sent each pre paid envelope they send me back to them with a 30 pound cinder block. I will keep doing this until I can get someone to call me or they take me off of their list. I’m not trying to be funny, I just want to save paper. I’ll let you know how it goes. I’m calling it my own opt out strategy.

If you have any other ideas on how to stop them please let me know.