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I have been in the Mortgage Industry for almost 30 years and I will tell you one thing:
You cannot stay in business if you can’t make a profit. Unfortunately the current method of
doing business is to lie to your customers. There are really only two ways to make a profit:
charge a reasonable amount for the closing costs on the loan or raise your interest rates high
enough to cover the closing costs as well. That would mean you were offering higher rates than
others who cover their expenses and profits with reasonable closing costs and attractive rates.
If you hear that their aren’t any closing costs on a loan you wish to take you will be paying high
interest as long as you have the loan. If your not careful you can take the loan, a 20 year or 30
year fixed, forget about the closing and what you paid, and end up spending more money than
you had to for 20 or 30 years. Don’t even try to make it work.
BUSINESS CANNOT EXIST WITHOUT A PROFIT!
If you hear the usual come on with no cost for something, that is costing either the company or
the customer, do not stop your hunting for a better situation. You don’t need to lose money on a