I should disclose what?  If you don't know about it, it won't hurt you, right?  By not disclosing certain issues or topics, doesn't it allow me to sell you that item or my services a lot easier? In some cases, doesn't it make it harder for you to shop correctly? 

Let me ask you, the consumer, a question. Are you in such a hurry, that if you allowed me an extra 20 minutes or so to explain the details and to disclose to you certain information, that I might just educate you more. In which case would possibly enable you to save more money, and/or to become more educated on that topic, and/or to possibly keep you from harms way? 

Let me share this little piece of information with you. Knowledge is power. Yes, it can be very powerful, hence why you don't get this type of service from everyone. The less you know, the more advantage it is for that sales person. Or, in some cases, misleading information to you is also an advantage to that sales person. How then do you know what is the truth and what isn't.

 Artist : Stephen Bolton of cartoonstock 

For some reason, I have been seeing more and more lack of disclosures. Kris Wales talks about bank owned properties and why the banks aren't held to the same such standards as a realtor. Bank owned homes and their agents: Where does fiduciary responsibility end and human responsibility start? 

For some of you that read my blogs, my biggest pet peeve is the lack of Good Faith Estimates not being disclosed. If a loan officer pre-qualifies you or pre-approves you, they should be disclosing a Good Faith Estimate to you. Now, there is no such law that they have to, unless you apply for a mortgage. In which case, according to RESPA, they have 3 business days to give you a copy. (a little secret... if you sign a good faith estimate, make a copy of it. Just because they didn't offer you a copy...  'common sense', right?)

Before I leave you all, just another quick story from a prospective client the other day.  I had a lady that contacted me to see if she was getting the correct information from her current lender/loan officer. She was told that she was approved for a mortgage and locked into a rate. Now she could go find a home. Her concern was that the DPA (down payment assistance programs) program might be extinct in a month. And her loan officer told her that they might not be able to help her then. Rut row.....My concern was not that, after gaining the same information that I just told you. No lender will and can lock you into a rate, until you actually have a property address. Many, many years ago, there was such a program called lock & shop. But no investor allows for this in today's market. That was my first read flag.

But my main concern was that she never filled out an application, so she technically was not approved, but just pre-qualified. Please read this very important description : The difference between a Pre-Approval and a Pre-Qualification letter.

And while trying to secure a mortgage when speaking to a loan officer, please read this :  What questions should be asked prior to your mortgage application....   This is just my professional opinion of 16 years in the mortgage industry.

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Experience & Knowledge at its BEST !!!

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For more information on FHA loans, please go to this link. The FHA Expert

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger