Lower Fees probably mean Higher Interest Rates
Lower fees, easier process, less credit checks or income verification, all of those things probably mean that you are going to pay a higher interest rate on your mortgage. Lendors are like the mob in that they always take a sure bet, and their bets can be assured when they charge you enough interest to profit!
This video is a little dated, but the concept can definitely be extrapolated even in today’s mortgage crisis world. Just because the industry is in ‘crisis’ over sub prime, it doesn’t mean they are not going to have a profitable year. If Las Vegas could come up with a great idea to run into ‘financial trouble’, I’m sure they would like to go to capital hill for a bail out too!
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