I contacted several of the lenders that, according to Bankrate, offer low rates combined with low origination fees. What I discovered is that lenders do not actually offer the terms that are displayed on bankrate.com. This is unethical. I suspect that Bankrate and the lenders that use them are both fully aware of this. You might be able to get the rate that is shown but paying a higher origination fee than what is shown for that rate, and you might be able to the lower origination fee but with a higher rate than what is shown for that origination fee. But not both, and in my case when I decided to contact TOMO, I learned that the low rate that was advertised was not a rate they actually offered regardless of origination fee. The TOMO representative waltzed around this and tried to make it seem that it was something that Bankrate did that TOMO didn't have any control over. But it was very apparent that he was lying. At the very least the lenders are able to manipulate the rate that appears on Bankrate, possibly by reporting loans that aren't real, and in all likelihood Bankrate knows that this occurs and looks the other way. Since the primary purpose of the site is for comparing rates and since the data isn't reliable and is being manipulated by the lenders, Bankrate serves no useful purpose whatsoever so far as I'm concerned. The only thing it is likely useful for is for filling up your email inbox and your phone messages with spam that you will not be able to stop. It is a great, great mistake to give Bankrate your phone number or your email address. Don't do it. You'll regret it.
