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Author: Dwdonhoff Big gold star, 5000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127815  
Subject: Re: Why are lenders jerking me around? Date: 8/1/2001 5:55 PM
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Hey JoJo,

I can't help but wonder if they are all lying to me, some more so than others. It feels like buying a car where the salesman tells you anything you want to hear and then when you check the sales contract, it ends up costing way more than they said it would.

Yup... that's pretty much what's gauranteed to happen the way you're going about it.

Problem is nobody CAN give you a concrete number to compare apples-to-apples until you're much farther down the pipe... which would mean you'd have to commit time and money to the process with a specific loan officer before you'd have solid numbers. Even then, you could lock your rate (the farther ahead you do so, the more expensive) but many (most) of the other factors would be estimated and uncertain until just prior to your signing.

I can just see myself going in to close on a house and the mortgage being way more than I expected. I just don't know how I can force these guys to disclose the true cost of the loan, because it is obvious that Florida law doesn't force them too.

You'll be just as successful asking the sea why it's wet. The lenders simply cannot give you what you're looking for until you get much deeper in the process.

The only effective answer really frustrates some folks, but here it is;

You've got to seek someone you can trust, then do so... because every other path leaves you in even less control. Your only reliable hope is to pick a worthy pro and let them get you the best rates and terms. That's it! You're unable to shave it down to your own control and decisions in advance.

If you insist on being given solid numbers, someone will try to deliver so you'll just sign the damn papers and do the deal... but it will be no more truthful than anyone else... and your fate will STILL be in their hands (except you'll simply have chosen the most successful liar.)

The truest words you'll ever get in disclosure is "it will depend."

I didn't make the system... I just try to subvert it.

Dave Donhoff
Lic. Mortgage Broker
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