How can borrowers be so stupid?
Mortgage Bankers used to enjoy a nice reputation until a few years ago.
People rely on the experiences of the past dealings with the real estate industry that were basically honest and straightforward.
Institutions were funding loans and collecting the repayment themselves.
Lending institutions verified borrower information. It was quite the requirement burden for the borrower. Right down to your credit report
shows a late payment to a utility company 6 years ago. Explain why?
Are you kidding me?
Did you ever think that a Mortgage Broker was an absolute service to rip you off and guide you into accepting the worst possible rate and the worst
written contracts? Even putting you into a sub prime loan category when
you didn't deserve to be put into that category. False, inflated appraisals
so you overpay for the property, pay the highest interest rates.
There is no part of the real estate industry that doesn't conjure up
a saliva spitting junk yard dog after your money and providing you nothing of benefit.
That ought to be the way we look at the real estate industry.
Suspect fraud through every step of the way. Challenge them every step of the way.
Look after yourself. Don't expect any broker or agent to look after you or treat you and your money with respect. They are going to try to steal it.
Learn how to say NO. That's a deal breaker.
If you are not prepared to put a leash on the real estate professional
every step of the process from funding to collection of the repayment?
Guess what? You are going to get fleeced. You are not ready to buy a house. Educate yourself first.
make yourself a formidable adversary from the get-go. Get wording in your contracts that protect you.
Who said you have to sign a "canned" mortgage contract? Get protection for you in those contracts.
I'm so aggressive now, I'm willing to bet every real estate professional
around here would run away quickly after a short interview. They don't want to be bothered by informed "marks".
Sooner or later the people in this country are going to demand reform of this industry and put these junkyard dogs on a leash and muzzle them.