If you are shopping for a mortgage be aware of scrupulous loan officers. Shopping for a mortgage can be a very tricky and stressful situation without the right information and guidance from a professional Realtor to assist you in your search or offer a referral contact. When shopping for a mortgage always inquire about any hidden costs or fees that may be associated with the mortgage and charged to you at closing. According to an article by Mr. Kenneth R. Harney posted under the “The Nations Housing” article in the Washington Post on August 3, 2013, there is another issue you must protect yourself against. It’s called upselling, where the mortgage lender steers you into higher cost loan programs with terms that increase the lender’s profits and cost you more at closing. Although mortgage lenders used upselling during the housing boom years, they have been dormant until recently. Mortgage lenders usually charge discount points, loan origination, or other hidden fees to process your … [Read more...]
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