This is the best way to avoid one of the most famous scams the mortgage industry plays on the public. When you apply for the loan at XYZ Mortgage Company you get quoted a great rate say 4%. No other mortgage company can beat this rate so you do the loan with XYZ. But at closing the rate on the paperwork shows 6.9%!
What happened? XYZ scammed you. And if you say no to the loan at closing you lose the house because the contract will probably expire. So most people just take the loan at the much higher than market rate. [Read more...]
