Buying a home in St. Louis? Congratulations! Whether you’re a first-time homebuyer or looking to refinance, securing the right mortgage is crucial. But beware of trigger leads, a sneaky practice that bombards you with competing offers and outright spam and identity theft schemes after you apply for a loan.

What are trigger leads? Simply put, when your credit is pulled for a mortgage, your information might be sold to other lenders by credit bureaus themselves as a “hot lead”. Credit bureaus are largely unregulated and can still get away with this questionable practice. Random institutions and people may contact you with “better” deals, often through aggressive phone calls or emails and even texts, as you are getting ready to close on your new mortgage.

Is this legal? While it may feel intrusive, trigger leads are currently allowed. However, they can be overwhelming and misleading and could potentially result in getting scammed or in downright identity theft.

The good news? You have options!

• Shop around before your credit is pulled. Talk to different lenders to get a sense of rates and fees. Make sure to work with someone who offers a free refinance when rates drop. Also, only work with a broker or a lender that offers “soft pulls” that don’t trigger alerts.
• Opt out of prescreened offers. Before you start your mortgage application, be sure to visit OptOutPrescreen.com to limit unwanted credit and insurance solicitations.
• Be cautious of unsolicited offers. Don’t feel pressured to switch lenders based on a single call or email.

Remember: Trigger leads might seem like a good idea, but they can cloud your judgment and cost you money or even your identity. By being informed and proactive, you can navigate the St. Louis mortgage market with confidence and find the best deal for your dream home!

Written by: Carlson Mortgage – a top-rated St. Louis mortgage broker providing home loans in the state of Missouri. We are routinely ranked as a #1 mortgage broker in Missouri on Yelp, Google and Zillow. We can be reached at (314) 329-7314 seven days a week.

Our loan application can be found here or you can call us at 314-329-7314 to speak with one of our mortgage loan officers. Also, here is our pre-approval page, if you are looking to buy a home or need a referral to a top real estate agent.

Let us be your source for some of the lowest mortgage interest rates in St. Louis on first-time home buyer, conventional, FHA, Veterans (VA), Jumbo and condominium (condo/town home) financing. Since 2004, our loan officers have been providing home loans and mortgage services in St. Louis that are tailored individually to your unique needs and to your financial situation.  Call us today to inquire about home loan interest rates, to get pre-approved for a purchase or a refinance mortgage, or if you have any general mortgage lending questions.