Your Mortgage, How Much Should It Cost? Part 1
Business March 29th, 2008
Well… you don’t know. At least not the way the system is set up, that is you have to have trust in people who have a vested interest in the transaction!
Most people will choose a lender because someone referred them or they used them before and felt comfortable. There is the weakness that every lender exploits, because you as a consumer don’t know what the true costs are. You only know what the lender tells you they are. Yes you can get quotes from three lenders and guess what? They are all going to be pretty close in costs and rate. Why? In any given market the lenders have dictated what the fees will be and if they are all about the same, whoever gets the deal gets the excess fee income.
