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Review 9/2/2009
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I went to the LoanAll.com website after receiving an email from them asking me to click on this link:
http://www.loanall.com/refinanceloans4375.htm
I assume that Billcut.com owns LoanAll because when I clicked on the BBB logo on LoanAll it took me to info about Billcut. Does Billcut in fact own LoanAll.com???
Once I got there I noticed that they had some fine print that was nearly impossible to notice and impossible to read because it was the lightest shade of gray.
The hidden fine print (I copied and darkened it) said the following:
LoanAll is not acting as a lender or a broker ("Service Provider"). The information provided by you to LoanAll is not an application for a mortgage loan nor it is used to pre-qualify you with any lender. Leading Service Providers, who participate in our matching engine, may have loan products available, matching the criteria you submit via our forms.
If you are contacted by Service Provider(s), advertising within our or our partner network, your quoted rate may be higher, depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and other factors. LoanAll does not guarantee that the rates or terms offered and made available by participating Service Providers are the lowest rates available in the market or the best terms available; not all Service Providers in our network offer the products that we advertise. Completing our forms does not obligate you to purchase a service or product from the providers, nor does it obligate a provider to offer to you any particular service about which you may have inquired.
* Refinance at 4.25% Fixed. Example assumes a $200,000 loan amount with a fixed interest rate of 4.25% and Annual Percentage Rate (APR) of 4.622%. Terms of the payment are based on a 15 year term fixed rate loan with principal and interest payments of $1,505 per month with 1.875 loan points due at closing. The example assumes a credit score of 720 or greater with a loan to value (LTV) of 80% or less on a primary residence. Rate and terms offered may vary depending on your credit history and other qualifications, amount of equity in the property, location, type of property, and other factors. This program is available as of August 18, 2009 from a participating Service Provider.
**Example assumes $175,000, $225,000 or $325,000 loan amounts, 5-year fixed, Adjustable Rate Mortgage (ARM) with initial fixed rate of 3.99%, Annual Percentage Rates (APR) of respectively 4.003%, 3.964% or 3.957%, principal and interest payments of respectively $834, $1,073 or $1,550 per month, and respectively 1.375, 1 or 1 loan origination points due at closing. Rates and APRs may vary depending on loan details, such as points, loan amount, loan-to-value, your credit, property type, and occupancy. The example assumes a credit score of 720 or greater with a loan to value (LTV) of 80% or less on a primary residence. This program is available as of August 18, 2009 from a participating Service Provider.
By submitting your request, you grant permission for our Premier Partners to contact you by phone even if you are on the Do Not Call Registry. These partners provide credit counseling services, but do not offer loans. Also, by submitting your request, you agree to receive additional email offers from our marketing partners.
The above fine print is contradictory at best. Why dont they want you to see their fine print!
I suggest anyone using this website be very careful!!
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