Bait and Switch is still alive

Well, it just goes to show you, you can't believe everything you read in the newspaper.

After getting a couple of calls last week inquiring about rates, only to have people tell me that they were seeing rates in the "4's", I had to test some ads from Sunday's newspaper. I saw two ads from companies stating that they had a 30 year fixed at 4.375% and one that said they had 4.50%. I acted like a potential client and called each of them to ask about the ad. Here's what I got at the other end of the line.......

Call#1...."I think that was for a 15 year mortgage. That must be a misprint. Let me ask you a couple of questions........"

Call#2...."Our deadline to place the ad is Wednesday and since then, rates have gone up quite a bit. Tell me about your situation......."

Call #3...."We had an ad in the paper?!!"

Needless to say, even with the onslaught of litigation against the mortgage industry, there are still some that like to toddle the line of ethics and decency. I'm starting to think that the Sunday paper is the first place borrowers should go to find companies to rule out when shopping for a mortgage.

In the meantime, if you're "fishing" for a mortgage and get the old "bait and switch", don't be afraid to "cut bait" and find another "spot in the pond" to fish from.