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Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

closingwtf.com

161–170 of 175 posts

Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#161
post #5
post #2

The privacy and security part is not inspiring confidence. Scrolling to the next section got me thinking "Don't get scammed at closing, get scammed before closing after uploading your mortgage documents to a random website." Cool idea though.

Hey, Aaron the builder here. The scamming that happens to homebuyers is not even comparable to the risk in uploading docs to a website which promises they won't share user data with anyone. This is genuinely a pro buyer tool with no association with any 3rd party. The tool has already helped many people negotiate and get a better deal on their mortgage. Please before judging understand that 70% of buyers overpay in t…

Hey. I really don't care to compare the level of scamming nor the usefulness of the tool. I'm in the process of buying right now so I know it could be useful. That's besides the point. To clarify, here's a different thought. Reading the following copy, I am wondering "whats gonna happen to my data / file I upload?":

> We never sell or share data with third parties. All information is used solely to generate analyses to help borrowers analyze and optimize their mortgages.

I even looked further into the privacy policy, just to be diligent here.

> We implement industry-standard security measures to protect your information from unauthorized access, disclosure, alteration, and destruction.

With how much info I have been provided, I'm just not gonna upload a document to your site. Like I said, just doesn't inspire confidence as I scroll your landing page. Could just be a copy change to fix this.

Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#162
post #36

Earlier quoted context omitted.

People are trying to increase the potential customer base of the author by pointing out where there is room to improve. That is incredibly valuable, and one of the major reasons to do a Show HN. That is not being a "hater".

https://news.ycombinator.com/item?id=42150219 was highly constructive. It was direct and actionable. kojeovo's original comment was less so. When you build a product, you're going to get random, in-actionable comments from people who just like to complain. Separating the signal from noise is difficult, and while there is a underlying concern about privacy, not giving anything actionable moves it towards to the noise…

It was not my intent to be highly constructive with my initial comment but if you read between the lines it's around how the landing page copy made me feel. Quick copy change could alleviate that. When the user's primary action in the app is uploading a private document then it may be good to have more than a quick sentence on privacy. Definitely something to split test.

Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#163
post #2

The privacy and security part is not inspiring confidence. Scrolling to the next section got me thinking "Don't get scammed at closing, get scammed before closing after uploading your mortgage documents to a random website." Cool idea though.

What sensitive data do you think is on a loan estimate? I've received a dozen over the years and it's literally just your name and the address of the property you want to buy. Both of which are public information if you do purchase the property.

You are also signalling that you have enough money to buy said house and are actively in the process of doing so which makes you a mark. And if there is a whole DB of this info readily available...

Anyways the security could be fine. But if a user's primary action is uploading that document then maybe wanna have more than a quick sentence on it.

Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#164

Earlier quoted context omitted.

A DBA (doing business as) is $35. And not worth the paper its printed on if not filed by an actual entity... which cost $300+. AND you have to give some new nebulous federal entity because "money laundering," or sometimes "OFAC enforcement."

No one should be handing out their address, mortgage information, and other sensitive details to someone who can't spend at least $300 on the bare minimum appearance of legitimacy.

Thank you for the feedback. I'm working on all the points @trollbridge and you @Arainach have mentioned.

Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#165

Earlier quoted context omitted.

What sensitive data do you think is on a loan estimate? I've received a dozen over the years and it's literally just your name and the address of the property you want to buy. Both of which are public information if you do purchase the property.

We're talking about enough information to create a list of people who are in the process of making the largest purchase of their lives, coupled with the name of the businesses that they're considering sending money to and the exact dollar amounts that they're considering sending. Scammers pay a lot of money to people who can get them those kinds of lists.

Except that's not how it works. You don't pay the mortgage company, you pay the seller.

Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#166
post #111

Earlier quoted context omitted.

What sensitive data do you think is on a loan estimate? I've received a dozen over the years and it's literally just your name and the address of the property you want to buy. Both of which are public information if you do purchase the property.

As others have mentioned, title fraud. My recent closing disclosure has buyer, seller, agent, and title company. It'd be pretty easy to call the buyer claiming to be the title company and request a wire for exactly the right amount to a fraudulent location.

I'm skeptical anyone here has actually bought a house. That's not how it works at all.

Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#167
Hmmmm. On one hand "closing.wtf" definitely stands out... So many startups have boring branding. But on the other hand, you are building in a legacy space. It's important to build trust & pay attention to the feedback here.

Does your target demographic understand "startups" or do they just want to solve the problem?

Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#168

A side business I have is people who contact me because they just got scammed or need help knowing if something is a scam. One of the things I tell them is to never upload financial documents containing personal information unless: - The company they’re uploading it to is well known like a major bank and the domain in the address bar matches. - They know the company they’re dealing with - which means a business addre…

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Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs

#169
post #167

Hmmmm. On one hand "closing.wtf" definitely stands out... So many startups have boring branding. But on the other hand, you are building in a legacy space. It's important to build trust & pay attention to the feedback here. Does your target demographic understand "startups" or do they just want to solve the problem?

Target demographic are regular people of all types who want to afford a home and have a quality life.

All either have the problem now or had in the past and are curious if they got a good deal.

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