Getting Unwanted Calls After Applying for a Loan?
You may receive telemarketing calls after applying for a loan because other lenders purchase your information. Lenders may contact you quickly to try to win your business before you close your loan. This has been an issue in the last few months, as lenders are competing for business more aggressively due to a downturn in the market.
You may receive these calls because:
You are shopping for a mortgage.
Lenders sell your information.
An "inquiry" appears on your credit report indicating that you are in the market for a loan.
To stop these calls, you can:
Go to www.optoutprescreen.com or call 1-888-5-OPTOUT.
Register your phone number at donotcall.gov or call 1-888-382-1222.
You can opt out for either five years or permanently. You'll need to provide your personal information, including your telephone number, name, social security number, and date of birth. Your request will be processed within 5 days, but it may take up to 60 days to take effect.
The important takeaway from this information is:
Do not give your information over the phone unless you verify the person you are speaking with. Use a local lender that you can meet in person or verify their identity. If you do not recognize the number, do not answer the call.
In our real estate business, we recommend local lenders, as we have worked with them for years and we have established trust. They will not spam you with calls. We can also verify their identity and meet with them in-person, knowing that your information is safe with them.
When buying a home, trust is the most important factor. Make sure you trust your Realtor and Lender!
If you're looking to buy or sell in the next few months, reach out to our team and we can help you with the process. We will answer any questions that you have about the real estate market.