When you are applying for a loan to buy a home, more people than you might expect know about your application. Credit bureaus have begun the practice of selling loan information or “inquiry leads” to telemarketing companies. Within 24 hours of filing your loan application, you may start fielding calls from other banks competing for your loan business. Unfortunately, some banks have taken to using questionable bait and switch practices to entice buyers. Most frequently, they will make promises that they can not keep at closing. Some of these banks soliciting your business may have limited experience working in the islands. Their lack of knowledge of local real estate terminology can lead to complications in the loans, delays in closings or failure for a buyer to meet the terms of their contract. If you would like to stay above the fray and keep from getting confusing and often misleading solicitations, you have the right to opt out. Simply visit the Opt Out Website and follow the instructions to prevent the credit bureaus from selling your personal information.

Pete Jalbert