Consumers, we want your business! Advertising is designed to make you pick up the phone, or visit a web site, and it’s funny the way things are presented to compel you to do so.
There are ads that say, “Fees Waived on Your Loan Type”. Ooh, that sounds great! Then the ads go on to list the kinds of loan fees that are waived: Processing Fee, Underwriting Fee, Origination Fee, Tax Service Fee, and Flood Cert Fee.
The reality is that those fees have not been charged on mortgages for years. After the mortgage meltdown, and subsequent congressional reforms, lenders stopped charging individual fees and charged a flat fee instead. But over the past several years, most lenders stopped charging even a flat fee. Consumers have benefited from this change, so it’s been easier than ever to compare loan offers.
Be a savvy consumer and know what you’re looking at when you shop for your home loan. A past article called “Which Is The Better Deal?” is on my website for you to review, if you wish. And the Web Viewing Fee is waived, just for you!
Tammy Engel is your local Mortgage Advisor, and has been working for your best interest since 1990. Contact her at 661/822-7325 for purchase, refinance, and reverse mortgage.