It does not sound that hard to do. You cannot turn on the TV, read a newspaper, or surf the web without seeing these mortgage ads.



Finding the best rate is really a function of finding the best mortgage company. The rate quotes are only as good as the company quoting them to you.

It is so easy to post up ridiculously low rates on a website or in an advertisement. Along with posting their mortgage rates on their own website, many mortgage companies post rates on other websites.

Just like the Progressive car insurance commercial, they say you can search on their website for other companies insurance rates. If you find a mortgage website with companies claiming to have the best mortgage rates, you may think this trusted website hand picked these mortgage companies.

So, they have to be good right?

Wrong.

Most mortgage websites are either lead generation websites where they promise they can get you the lowest mortgage rate if you enter in your information. Or, they make tons of money off other mortgage companies for posting their mortgage rate data.

The website itself does not confirm that these companies really have great rates. The mortgage company pays them to post their rates because the website is generating massive traffic. Their own website does not get enough traffic so they pay for the traffic from another website.

Some websites are quite bare. The only thing they want you to do is enter in your information. They will take your information and sell it to a mortgage company - and not just one - many, many companies.

Other websites create this air of authority. They pack the website with information which makes you think they have your best interest at heart. But really they are there to sell advertising. They have no idea if the companies paying to advertise on their site are ethical, honest, or trustworthy.

And, they certainly do not know or care if you get the best mortgage rates from their site. Their job is to convince you to trust them. When you trust them, you use their advertisers. And when you use their advertisers, they make money.

When you are looking for the lowest mortgage rates, it is up to you to ferret them out. Committing blindly to a mortgage company just because someone, some advertisement, or some website persuaded (lied to get your trust) you is dangerous.

Remember, to find the best rates, you have to find the best mortgage company. And, they are frankly not as easy to find - online or offline - as you would think. Always be suspicious and look for - the why.

Why would a big website push other mortgage companies? Just out of the goodness of their heart!

I think not.