My wife and I have 5 children, and at this point we've decided that this is enough. As many women know, breast feeding children can have debilitating effects on their breast tissue. Breast augmentation is one of the more popular solutions to this issue, (one that I endorse!!). But if you do a Google search on breast implants or augmentation and you'll be besieged with a plethora of procedures and options. I've noticed that prices vary from $2000 to $6000 dollars, some doctors want the money all up front, there are a few that will take payments. Some of the Doctors spend copious time explaining the process and educating their client, others it's just a cut and tuck procedure. This is starting to sound familiar isn't it?
Yep, the mortgage industry is much like getting implants. But it can have a much higher impact on your financial health then breast augmentation. One cost's you 2-6k total, the other could put you into foreclosure or bankruptcy. The problem is that most consumers think it's not any different than buying a box of corn flakes. And if you ever have been to a car dealership, clothing boutique or Wal-Mart, you know why this is the case. Retailers have been notorious when it comes to putting product on "Sale", or "Discount". The oldest trick in the book is to set the regular prices at one point and drop the real price by 20%. You don't believe me then go to Kohl's; I don't think I've ever not been there when there hasn't been a "special sale".
So if finding the right doctor for implant's is so important, then why don't consumers spend more time finding a mortgage professional that will make the same effort to educate their client. I lay the blame squarely on the mortgage industry! If you've watched TV or listened to radio it's pretty obvious that my industry is causing its own problem. They're selling "RATE"..."RATE"..."RATE"... The problem is rate is such a small part of the overall mortgage process. What about fee's? What about affordability? What about liquidity? What about resell ability? These are all factors that are strangely vacant from most mortgage advertising. We're no better than the Viagra pitches you see in your Spam account!
The reality is that there are a number of mortgage professionals that are changing the status quo. I've met a number of these professionals on active rain. Brian Brady, Jeff Belonger, Tom Burris, Jeff Sardi, and many others. The problem is there are plenty of others whom seem to think that "RATE" is the solution to their borrower's troubles. Much like recent dialogue concerning the purchase of mortgage backed securities.
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