MortgagesUndressed

I love this picture.

A recent conversation brought home this point. A borrower shopping for a good rate, received a quote for a very good rate. Too good perhaps. Over the phone a dollar amount for costs to get a refi was quoted. It was to cover appraisal costs, all the good stuff. Then, after deciding it was a good rate, the borrower hears a new twist. The loan officer says, “Oh that didn’t include points, it was just your closing costs.” LIAR LIAR LIAR.. Bait and switch perhaps.

To be sure, have the loan officer email you a good faith and Truth In Lending Statement. Then remember it was good only for that point in time. Always be suspicious of rates quoted over the phone.

This is the wrong way to get a loan.