An Email Advertisement from Loan Depot

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Received another in a gushing torrent of unsolicited emails from Loan Depot. You have to wonder about a lender who is trying to get free advertising from the hard earned reputation of its brick and mortar counterpart Home Depot.

The email was titled Eight Great Reasons to Refinance.  It alerts cash strapped home owners that there are many motivations to refi other than just lowering your monthly mortgage payment.

One of the reasons was to convert your interest-only mortgage to fully amortized loan. YES, there are risky borrowers who could only secure an interest-only loan intially and now loanDepot wants their business hoping they have increased their credit score and improved their overall credit worthiness. BTW a fully amortized home loan is one were you chip away at the principal of the loan while increasing your equity.

Finally, their offer to convert your 30 year mortgage to a shorter-term loan, while charging you a refi fee, is a ploy an alert consumer would never fall for. You can convert to a 15 year mortgage for free by paying double every month! Also don’t trust anybody who proclaims they are America’s lending experts. I am sure Quicken would beg to differ.

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