Posts Tagged rate quote

Why the Zillow / AOL joint venture is a very unholy union

Zillow just doesn’t provide inaccurate property values anymore, they are now teaming-up with AOL to provide a mortgage calculator, “real-time” mortgage rates and personalized loan quotes. The problem here is that since Zillow doesn’t originate loans, they are free to give-out inaccurate loan information as well as property value information.

Simply put, what mortgage interest rate a borrower gets is far more complicated than an online calculator or “personalized loan quote” can give you. There are way too many variables. These are just a few:

  • State, county or even the city where the property is located in
  • Actual FICO score of the borrower, not just an estimated “Poor/Good/Excellent”
  • Loan amount to purchase price or appraised value ratio (LTV or Loan-to-Value)
  • Property type (single family residence, duplex, condo, town home, manufactured, etc.)

Without quite a bit of detailed information, and a talk with an actual loan officer, you are getting nothing but pie-in-the-sky numbers that will mean nothing when you actually close the loan. This is why on my Get Approved! page I ask just some basic questions so that I have a rough idea of your needs before I call you. But to give you accurate information regarding your situation, I need to talk to you. And I pride myself on the accuracy of my quotes. When I give you a quote I am pretty certain the loan will close how I quoted it with no surprises for you at the closing table.

Cory Ure
Medallion Mortgage
Salt Lake City, UT

, , , , , , ,

Leave a Comment