The Irresponsible Mortage Industry

A recent advertisement read:

“Are you Paying to Much for Your Mortgage?”

Then they show how you can pay $ 1,698 for a $ 510,000 mortgage.

Most consumers don’t understand how mortgages work. In today’s cash crunched economy, consumers are looking for ways to reduce their expenses. There are also those who are buying into the real estate boom and attempting to buy more house than they can afford.

Well, there is a industry that claims to solve all of those problems. It is the Loan Shark Mortgage Industry. Since people don’t understand the ins and outs of mortgages, they go to the “professional” to get advice on mortgages. In reality, they walk into the shark's den and get sold a horrible product that will only make things worse in the future.

These companies are marketing these irresponsible mortgages and taking advantage of people who are in hopes of buying a house when they can’t afford it or people who are in cash flow trouble.

There are some good people in the mortgage business. Alice White Hinckley is someone that I confidently recommend for anyone who is need of a mortgage. The problem is that people like Alice are far and few between.

Keep this mind when thinking about a mortgage.

You don’t pay too much for a mortgage unless your interest rate is higher than the current market for interest rates is paying. Don’t fall for the “pick a payment” scheme.