Our experience in the mortgage industry left us frustrated that the customer was sometimes unable to see which of the many mortgage offers he or she received was actually the best offer. Sometimes, mortgage companies use bait-and-switch tactics to trick a customer into choosing their offer.
Under-estimating feesTo make their offer look more attractive, a mortgage company or loan officer may include very low fees on the Good Faith Estimate. Then, once the customer has committed to the loan offer, the customer is informed that the fees are actually much higher. Not wanting to pay for another appraisal or have his or her credit pulled again, the customer decides to go with the bad offer anyway. Quoting rates for which the customer cannot qualify This is a common tactic. We are sure you have seen or heard advertisements claiming rates that sound too good to be true. Usually they are, because the rates being quoted only apply to very special scenarios. The reality is that interest rates on mortgages are tailored to your specific situation. Dozens of different factors go in to the calculation of your interest rate. Quoting a teaser rate as a fixed rate Another common tactic. Some mortgages have teaser rates that only last a few months or years of the mortgage. Once the teaser rate is finished your mortgage payment rises to the actually interest rate. Even worse, you are typically required to repay all the interest you did not pay while you made teaser rate payment. This is call differed interest.
Standardized tax calculationsTaxes on mortgages and home purchases are calculated the same way, regardless of which mortgage company you use. So myGFE requires all of our participating mortgage companies to use the correct formula for the calculation of taxes. This ensures that the taxes quoted will always be the same between two company's quotes. Plus, the customer now has an accurate picture of his or her closing costs. Customer Reviews and Company Ratings Most victims of tricky mortgage tactics find themselves in a difficult situation. They want to complain, but they don't believe anyone will care. Sure, the victim could file a lawsuit against the mortgage company, but that is an expensive and time-consuming task. Here at myNemo, we want to give victims (and happy customers) a voice. We want to make sure that complaints affect a company's ability to get new business. We also want to make sure that happy customers mean a mortgage company gets more business. You will find reviews and ratings on all the companies that participate on myNemo. This ensures that a company can't use tricky tactics and maintain a high rating on myNemo. Anonymous Mortgage Offers, Selected by You Until you, the customer, say so, all the mortgage offers you receive are anonymous. Once you find a company you feel comfortable with, you can reveal your identity. Better yet, you pick the companies you want offers from. With myNemo, you won't be harassed by emails and phone calls while you look for a mortgage. Instantly Available Help Have you ever wondered the definition of a certain fee on the Good Faith Estimate? With myGFE you have quick definitions available for every term (just move your mouse over the '?'. If you require a more in-depth explanation, we have detailed explanations on available as well. Just click the 'tell me more' in the quick definition. The myGFE Process With myGFE, we help you gather all the information a mortgage company requires to make you a mortgage offer. myGFE does this in the simplest and most transparent way possible using current technology, like Microsoft Silverlight. Our goal is to make it as easy as possible for you to make an informed decision about your mortgage.
Not all mortgage companies are bad companies looking to take advantage of the customer. The bad apples have made it harder for the good apples to do business. Mortgage companies that offer good honest advice, excellent service and low cost mortgages thrive on myNemo because myGFE and our customer review section makes those companies stand out as the best. Our goal is to bring more business to the best mortgage companies and make everyone a satisfied customer!