It is important that consumers who are buying homes or refinancing understand that until a fiduciary relationship (one where the loan officer is working in the best interest of the borrower) becomes law, you are on notice that by not shopping you could be paying hundreds of dollars more per month than need be and paying THOUSANDS of dollars in fees to close your transaction.
Do yourself a favor. Just because someone was referred to you by a close friend, someone at Church, someone at work, school or wherever, it does not mean you will be getting a fair shake.
When today’s rates are around 5.375% and your Note indicates a rate at 6.25-6.5% for a thirty year fixed rate, it should raise a question—you’d think? And people wonder why so much consternation for the lending industry?
Once your transaction is placed in escrow and we are ready to have you sign your documents, escrow is a neutral party and cannot give advice about your loan or whether or not you are getting the best deal you can. That’s the fact, Jack! But, as a fellow blogger and dude who genuinely wants people to get a fair shake, this is the best I can do for you.
Please excuse me as I’m going to my basement to use some fresh bales of hay as a punching bag and listen to some Foo Fighters.
Discuss amongst yourselves.