September 22, 2006

Mortgage Loan Tips.

"Why some people almost always
get the lowest interest rate
on their home mortgage… and
never pay too much
in points or "junk" fees!"

Most people don’t know how to shop for a mortgage!

Here’s how most people shop for a mortgage - (sound familiar?)

They call a few lenders and ask what the rate and points are. That’s it!

They have no clue what questions to ask about "points", fees, interest rate "lock-in" periods, closing costs, "pre-paids", and more.

They’re like lambs to the slaughter by a pack of hungry wolves!

The "system" is stacked against you!

Mortgage lenders make their money based on how much money you borrow and the points and fees they can get you to pay.

The more money you borrow and the higher fees you pay… the bigger their paycheck! It’s human nature — they will make you pay as much as they make a bigger commission!

Mortgage companies will "gouge" you for extra fees!

Not too long ago some mortgage companies were fined over $8,000,000 (Million!) dollars in a single year for overcharging thousands of borrowers who didn’t know how to shop for a loan (source: U.S. Dept. of Justice)!

Those lenders abused borrowers and took thousands of dollars extra out of the borrower’s pockets for one simple reason - they knew they could get a way with it!

Sometimes they’ll just get you for a little $300 fee here or there - other times they’ll stick it to you for thousands in extra interest charges and you may never know it until too late!

My question is - if those companies are the one’s getting caught.. how many more do you think are gouging borrowers just like you and getting away with it?

And this is just the tip of the iceberg…

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