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    • The Bear Necessities: Law of the Jungle Rules [view article]
      Bear needs to fail to demonstrate what Purl Gurl is getting at (although overstated). I really would like to see the brokers who put together the loans to get their butts handed to them.

      I can't tell you how many times I have sat down with a broker and worked out all the details of a loan just to have them at the last minute (at the time of signing when you have to have the money) point out that there were a few things they needed to go over. And these things were always to their advantage and not mine.

      Based on my experiences, I believe this happens more than we'd like to think. The problem always is that a person goes to many different lenders and finally one steps up with what you have been told are favorable terms, then they change them on you. You are at their mercy in effect because you believe that there is no one else to turn to and that at least they are willing to lend you the needed money (for a car, for a house) and feel that no one else will lend you the money. So you sign the papers.

      There is a bias on financial sites that people are smart about money because most people who write and respond to these articles are smart about money. Most people are not. And when they need a loan, they usually need the loan now and are not in a think it over and find the best loan available mode. They are shown what they can get now and how much it will cost now. "Yeh, the payment will go up in a couple of years", but you can "write your own ticket at that time" by getting a better loan at a lower payment...guaranteed!

      I have not one bit of sympathy or empathy for these banks. They have had none for me and will get none from me.       Mar 15 07:30 PM
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