Mortgage professionals make money by keeping the mortgage process complicated. The less you know about what you are signing up, the easier it is to take advantage of you.
I thought capitalism was supposed to produce the best deals and the most efficient allocation of resources?
The one area where I have sympathy for increased government intervention into the mortgage market would be to insure that mortgage forms are clear and as simple as possible.
Al Heavens writes:
Don’t raise your hands en masse, but how many you have read every word of your mortgage-loan documents?
If the experts are correct, very few hands just went up.
Just as well, perhaps. Many of the forms are unhelpful at best and at worst are difficult for the typical lay person to understand – though their purpose is, of course, to disclose the nature of the transaction afoot.
“Most of the time, the mortgage companies don’t even come to settlement,” said Realtor Craig Lerch Jr. of Lerch & Associates in Northeast Philadelphia. “They only send the papers and push it off on everyone else, when it is their job.”
Seeing that, too many soon-to-be homeowners assume everything has been taken care of for them.
Read more: http://www.philly.com/philly/business/20120302_Home_Economics__Mortgage_forms_can_be_unhelpful_-_at_best.html#ixzz1nzuQrI8Q
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