this post was submitted on 16 Aug 2023
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As a mortgage lender, welcome to the full transparency world. The only people that complain about it are the people that have a lot to hide.
When they say “too hard” I hear “will cut into our profits.”
All I hear is "we´d lose too many our costumers if we had to tell them how we´re fleecing them."
Most of them are regional monopolies. How many customers could they possibly lose?
I agree with the sentiment of your concern as it is a shit load of info. Only part I would disagree with is that nobody explains it. Depends on your realtor of course but mid-pandemic lockdowns my realtor sat down with my wife and I and went page by page, all printed out, and explained everything. Stopped periodically to see what questions we had, and even light heartily quizzed us. He showed us where he was making money, where the bank makes money, what was likely to happen the moment we signed with the mortgage (sold to a different lender), and where our risks were.
It was a lot. And I don't look forward to it. But in a day and age where anything can be searched online at your fingertips due diligence is expected by both parties and I felt comfortable going into the closing feeling we had covered most everything.
Fun fact: one of the big plusses of the EU was a unified consumer protection law that gives customers extensive rights to fight back against malicious hidden clauses they didn't have to expect if they weren't explained to them explicitly. Was a surprisingly pro-consumer legislation, that.