The mortgage industry, in conjunction with your friend and mine, The Media, has a lot of explaining to do. Our industry preys on the lack of consumer education. Sure, you are told to "shop around" to get the best deal. Or you think that because there is a cute little martian dancing on the side column ad on CNN.com that you should click on him and give your Social Security Number out to only God knows who. But there really is no accountability for that smokin hot rate that some guy in some cubicle in Guadalajara quoted you. Let's be honest. We've all heard the horror stories about what someone promised, then didn't deliver, and your friend is sitting at the closing table with zero options but to sign the astronomically ridiculous paperwork that is sitting in front of them. Or better yet, your friend doesn't even read the paperwork!!! Scary, but true.
The real truth is behind "shopping around" is that no one wants to be had. No one wants to be taken advantage of. And everyone wants to get a fair shake, or even, a deal from time to time. And our industry "professionals" haven't always been the most upfront bunch. There is responsibility on both sides of the sandbox.
It is time that we as professionals, take our industry more seriously. We hold the keys to some one's home, some one's dream, and ultimately their financial stability.
And, you as consumers, need to be smarter. In any purchase, You Pay For What You Get. Don't roll the dice with your future. Hire an expert. Sure, you will have to pay some money, but it might not cost you any more than getting hugely bad advice. In fact, in the long run, great advice will always save you time and money.
I'm off my soapbox.
