Wednesday, January 11, 2006

Save your money

The information that is needed to avoid fraudulant loans and charges is actually all around us. The problem is that nobody really ties it all together into 1 lump sum. The process is actually rather simple and high school drop-outs are running the show. To be a loan officer you don't need a high school diploma and if the customer is unwilling to educate themself on the loan process even the brightest of people can be fooled into getting a loan at a price far above the market. How is it done? It is simple.... Add just 20 bucks to everyone of the small fees that come with lending. With enough small fees this really adds up. (I recently saw a charge of 60 dollars for shipping paper to a title company. To make it worse the mortgage company and the title company are owned by the same person and are less than 200 feet apart) Another trick is to tell you that your interest rate will be just the slightest bit more than previously thought. The trick comes in when they don't tell you until the closing day. Most investors or first time home buyers are so tired and irritated with the process by closing day that they will do anything just to get it over with. By adding just a small part of a percent to your interest rate the loan officer may recieve an addition to his income of a few hundred dollars but at the same time increase the amount of money paid by the customer over the life of the loan by thousands. For more informative tips please follow the links found on this site and also visit The more that you educate yourself on the process, the better off you will be.


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