Consumers Helping Consumers

Nickel-and-Dimed to Death at The Closing Table
J.G., Collections Services, Chicago, Illinois

I was looking into doing a refinancing on a mortgage loan. I had to back out at the closing table. I literally walked away from the closing because the mortgage broker threw additional, last-minute items into the costs than I could fathom. There were closing costs for anything ranging from $10 to $150 for things I never thought he would argue. I actually thought this person to be a former acquaintance of mine from college, but that didn't stop him from trying to throw in all kinds of extra costs. I walked away because I didn't want to deal with the problem.

Equal Home Finance Bureau Comment: Unfortunately, not everyone has the strength and fortitude to walk away from a bad mortgage broker, particularly at the closing.Further, we hear many times that "friends in the business" are a real source for mortgage loan problems.

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