Quote:
Originally Posted by nativeDallasite
Yes, I agree; but people who use sub-prime mortgages are usually not very knowledgeable about finance and might not understand the difference. Again, it SHOULD be their responsibility to educate themselves about it but that's easier said than done, and brokers and FAs alike do take advantage of that ignorance. That's all I'm saying.
|
There is no excuse for ignorance. If you're not going to research the most important financial investment of your life then I have no sympathy for you.
When we bought our home four years ago ... right in the middle of the boom ...we had all kinds of brokers and such trying to push crappy mortgages on us.
My husband is a veteran and some realtors wouldn't even do business with us because we wanted to finance through a VA loan. Why? Because the VA doesn't let them tack on a ton of fees or artificially inflate the value of properties.
So we walked away from anybody who had that attitude and found brokers who had no problem with a VA loan. It wasn't that hard to do ... we just kept looking until we could find the right deal that we could afford.
In light of what we went through (including moving to a cheaper, more affordable area to lower our mortgage payment) I just don't understand why I'm supposed to sympathize with people who were totally financially irresponsible.