“Everybody lies,” deadpans Dr. Gregory House of the hit TV series, House. Dr. House may not be a real estate agent; but he is a brilliant doctor, and he has aptly diagnosed one ailment of the home loan lending industry. Many lenders and brokers will not think twice about lying to get bigger commissions.
Here are some of the untruths and half-truths to look out for when considering home loan lending options.
1. You should get a temporary loan.
“You know how you could get this house cheaply?” Your broker asks you in a voice only above a whisper. “You get a temporary loan today. Then, when your income is higher, you refinance. I tell you, your savings from the transaction will be humongous!”
When your broker starts giving you this line, be afraid. Be very afraid. “You should get a temporary loan” is one of the creative ways some brokers and lenders peddle adjustable-rate mortgages and their potentially lethal cousins – interest-only and flexible-payment loans. In home loan lending, no one can predict the movement of interest rates. If they drop, good. You just might be able to get the humongous...
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