Beware the Smokescreen
The big companies hire marketing wizards to come up with catchy programs that imply financial genius. The practice to wow the public with a sensationalized benefit continues to be the norm on the national mortgage scene. Our economy is still suffering from some of those campaigns.

NCC Billboard
How about that, “Rate Improvement Advantage”, where for “minimal cost”, (?), you can refinance your loan if rates improve. They would have you believe that’s amazing. Bachman Lear taught its customers how to refinance with NO cost with The No Closing Cost Mortgage we introduced in 1992. They have been doing just that since, some as many as five times. No Closing Costs sounds catchy too but, it’s true. If you are from Florida, maybe you remember seeing our billboards in the ‘90’s.


The “Yourloan”, where they will tailor the term for you is incredible! Except; any lender can tailor your term. If you choose 20 years, 15 or 10, you should get a better rate at each of those thresholds, which would be the only reason to consider them at all. Fact is, you can tailor your own term. Traditional fixed rate loans can be prepaid without penalty on any schedule the borrower chooses because anything paid in excess of the minimum is applied to principal and shortens the life of the loan. (Some lenders may require an extra principal payment be at least $100.) You don’t need to handcuff yourself to a shorter term to accelerated pay off.