‘Garbage’ Loan Fees? Dump the Lender

It comes as no surprise to most people who have dealt with banks, Realtors and mortgage companies that they all tend to add in lots of garbage fees [“Surprise Mortgage Fees Stir Calls for Regulatory Action,” Personal Finance, Aug. 27].

Kathy and David Binninger should have walked away from the lender rather then submit to blackmailing. I remember all the garbage when I went to sign for my loan on my first home. The mortgage company made so many mistakes they had to retype half the papers, and then they tried to charge me for their own errors.

As this article says, many of the things we get charged for are not for our needs, but for the lender’s. Take the credit report. Sure, they only pay about $25 for it, but hey, we can get them the same thing for free, and it would be current too, so why pay them anything at all?

Now the banks, lenders and mortgage companies want to have a law passed in their favor. It is called a lump-sum fee. No way. I will not deal with any lender that tries that with me. If I can’t see what each item I am charged for cost, how much higher shall the closing cost really be?

The only acceptable way is an itemized list of all charges.

There is no way for anyone taking out a mortgage to know the true cost if it is all lumped together.

JON FLEISCHER

Redlands