Good consumers should be educated in marketing ploys to stay out of trouble. We are here to help.
If you recently closed on a mortgage you might find that you are getting lots of new types of mail. Because a mortgage is recorded with the registry of deeds it becomes public record. Many service providers purchase lists of newly purchased homes in order to market their services to the new homeowners. That’s why you are seeing mail from landscapers to heating companies. But there is another type of mail that you might get, mail that isn’t from your lender but appears to be.
Insurance companies and other financial service companies seem to specialize in this. The letter may reference “your mortgage from ___________ lender” and go on to mention the lender along with the service they are trying to sell you as if the two are connected when they are not.
We get weekly calls from borrowers who are being offered ‘Mortgage Insurance’ to protect their home investment. It takes a while to explain that the letter did not come from us and that the product being sold is not likely one that the borrower should invest in. What they refer to as mortgage insurance is simply a life insurance policy that covers your loan amount. Basic life insurance is more reasonable.
The mail barrage happens at other life events, having a baby or with a death in the immediate family, marketers love to target life events as a way to sell you more, generally insurance but other products as well.
It is important to understand what you are getting in the mail and why. Call your lender if something does not sound right, or call your financial advisor, accountant or insurance agent with questions, if you don’t have any of these advisors give us a call and we can provide you with referrals to excellent professionals.
Good consumers should be educated in marketing ploys to stay out of trouble. We are here to help.
