Beginner's Information: July 2009 Archives

The new consumer article for today is Assuming Seller Concessions On Loan Quotes, which discusses why lenders do this: To make an expensive loan look not so expensive. But there is no way to get seller concessions (Seller Paid Closing Costs) without paying for them in the purchase price. Which means you're paying for them twice - once in the purchase price, once for loan costs.

The new consumer article for today is The Loan Shopping Koan, talking about the contradiction offered by dueling interests: The fact that while consumers want the best possible loan, against the opposing fact that it's very easy for loan providers to talk a good game while fully intending to deliver something not so good, and regulations don't do anything real about this. There's also a loan officer koan in there, talking about balancing the divergent ways that the industry and consumer interest pull the better loan officers.

 



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