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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 127683  
Subject: Re: Why Borrowers Cannot Avoid Junk Fees Date: 12/19/2001 3:48 PM
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Hi TyroFool,

I saw that article too (as did thousands, I'm sure.)

I would make note that the finance industry is heavy in competition and there's a finite supply of customers... there is no "monopoly" whereby you have to dig in and surgically negotiate the so-called "junk fees."

Also, it's naturally in every consumer's best interest to get the best bang for their buck... and it needs to be remembered that all bangs are not the same. Just because one lender quotes or even closes without line-itemizing a specific cost... doc prep, for example... definitely does NOT mean that job was skipped nor that the job wasn't paid for.

I'm perpetually amazed the general media hasn't seen through the smoke to grab the entire monster, rather than trying to nab it's ever-shifting form. If everyone did these following things, the borrowers would end up with a much better end result;

1) Carefully choose who you deal with (choosing by quotes entirely or even primarily is NOT "carefully.")
2) Weigh carefully your program options and choose one specifically,
3) Isolate EITHER interest rates (leaving fees to float,) or vice versa,
4) Have your professional shop for the best of what you choose to float (either shop rates on your chosen programs at your chosen final costs... or shop costs on your chosen programs at your chosen rates.)

Trying to keep any control or negotiating position on individually itemized costs is totally futile and useless. I personally think the media's general focus on this harmonizes with the general angst of society... but does a great disservice to effectively educating the public on what TO DO!

Hey... sells newspaper though!

Cheers,
Dave Donhoff
Mortgage Fool
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