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.
Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top