A Consumer Reports' tester filled out a form as though he was shopping for a mortgage. Within an hour lenders started calling him. He was swamped with calls at all hours of the day and night, even on weekends.
Consumer Reports says when it comes to too-good-to-be-true mortgages, the real deal is often quite different. For example, an ad that promises a $510,000 mortgage for under $1,498 a month. If you look at the fine print, you see that if you pay just $1,498 a month you would never pay off the loan because you are only paying about half the interest and none of the principal. To actually pay it off in 30 years, you would have to pay about $3,200 a month.
Consumer Reports says there are better options at two other Web sites - HSH.com and Bankrate.com. They list potential lenders and let you choose which one to contact. That means greater control for you and fewer hassles.
