Lack of information has always been a major problem for mortgage borrowers. They may not understand: the mortgage and how it works, especially if it's an ARM, interest-only, or both;the players they deal with, whether loan officer or broker, and the significance of the difference;the pricing, which in addition to the interest rate includes lender fees of different types, and third-party fees for required services, such as title insurance;the process, from inquiring, to applying, to locking, to processing, to closing;the disclosures mandated by government, which can help only the few who understand them;the loan contract, full of legalese, which borrowers usually don't get to see until the closing. The articles I have written about these issues over the last 12 years populate ...
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