More than a decade after it was first published, and despite huge advances in technology, major changes in program types and qualifying requirements and massive amounts of new legislation meant to inform and protect borrowers, this book remains relevant. That is because the theme is that the character and personalities of the people you choose to work with will always have the greatest influence on the kind of deal you ultimately get.
"A pretty receptionist greets you with a smile as you enter the office lobby—its walls crowded with department store art, corporate licenses, framed letters from satisfied customers—and seats you amidst plastic plants to await your turn. Phones ring, pagers beep, Muzak filters in and out. At length, you are escorted to the “signing” room—a cramped, windowless enclosure, not unlike the kind used by police to grill criminal suspects—and seated before a tiny wooden table, upon which awaits a stack of legal-sized paper crammed to the margins with fine print. Your loan officer enters with the “signer,” handshakes and introductions are exchanged; then he leaves you alone with the stack, the signer, and your thoughts. The signer smiles and hands you a pen.
"A pretty receptionist greets you with a smile as you enter the office lobby—its walls crowded with department store art, corporate licenses, framed letters from satisfied customers—and seats you amidst plastic plants to await your turn. Phones ring, pagers beep, Muzak filters in and out. At length, you are escorted to the “signing” room—a cramped, windowless enclosure, not unlike the kind used by police to grill criminal suspects—and seated before a tiny wooden table, upon which awaits a stack of legal-sized paper crammed to the margins with fine print. Your loan officer enters with the “signer,” handshakes and introductions are exchanged; then he leaves you alone with the stack, the signer, and your thoughts. The signer smiles and hands you a pen.
You take it uncertainly and glance at the stack wondering: if all that text were removed and laid end to end, how far would it reach? Tokyo? Australia? A dull queasiness begins to rise in your stomach, calling to you like a distant foghorn; as if it were warning you of an impending collision with a large, unseen, floating object--the closing costs! You glance at your spouse—no help there—then back at the signer, who nods and smiles again, inclining his head toward the stack. You ask him if you can get the loan without having to sign all these papers. He chuckles politely and inclines his head again, urging you to proceed. You sigh and begin to sign."
The above is a quote from the book "What Lenders Don't Want You To Know" which I wrote and published in the year 2001. More than a decade later, despite huge advances in technology, major changes in program types and qualifying requirements and massive amounts of new legislation meant to inform and protect borrowers, this book remains relevant. That is because the theme is that the character and personalities of the people you choose to work with will always have the greatest influence on the kind of deal you ultimately get. The bottom line is that Bad Characters make Bad Deals. So, it's critical to know whom you're dealing with. This blog series is designed to free you from paralyzing anxiety or buyer’s remorse and allow you the confidence of knowledge. This blog series will not teach you how to get a free loan, because—despite what salespeople or advertisements may promise—there is no such thing. What it will do is show you how to determine if what you’re paying is fair and reasonable, and how to ensure that you’ll actually get what you are promised.
Read Next: 1. Mortgage Loans Caveat Emptor - Let the Buyer Beware >
Read Next: 1. Mortgage Loans Caveat Emptor - Let the Buyer Beware >
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