Mortgages With Your Best Interest In Mind
This is what the industry needs to move towards just as I have mentioned in the past which is similar to what is required of a Financial Planner. Mortgage originators should be required to ask certain questions and their advice for the products they recommend should be based on the answers to those questions i.e. how long you plan on living in the home, number of children, amount of reserves, etc.
I know many are true mortgage professionals that already do this and it is one way to set yourself apart. This does help to make you more successful in the long run but as we have seen, a few bad apples can ruin it for everyone. This is a marathon and not a sprint.
The article below is a good article about elderly abuse with mortgages. I understand these exotic mortgages no longer exist but no matter what type of products we have someone is not looking out for the borrower’s best interest.
“It’s definitely elder abuse,” said Carolina Bagnarol, her daughter. “There’s predatory lending here.”