Dishonest Mortgage Loans: Watch Your Money

snake-oilI laugh with sadness at the dishonest mortgage loans advertisements I hear when driving around.  There is one in particular that is surely unscrupulous.  (Think high pitched voice kinda like Ross Perot.)  The other day I had an agent in my office telling me about a couple so excited to buy they were ready to write an offer. 

After three attempts to get a Good Faith Estimate from the loan officer (at the agent’s urging) the agent finally called up and demanded one.  What she got was laughable.  Closing costs three times what they should have been and a loan program completely different than what the buyers thought they were getting.  The agent correctly told them now was not the time to buy until they had a good pre-approval letter from a reputable mortgage person.

Then this morning I hear another version of their “blue sky and roses” commercial and they say that after they help you get the loan they will give you financial counseling!  How about starting that counseling before they give the loan and that advice would be to not take out a loan with closing costs that are ridiculous, at best, or piracy.

Times may be harder than they were.  Don’t make them worse.  Seek competent counsel and a couple of opinoions when making huge financial decisions.  Please.

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Filed under Financing Options

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