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Mortgage

I don’t write about exact interest rates, for a variety of reasons, but mainly because it’s compliantly complicated if I do such.

This just means I would need to provide lots of disclosures, statements and explanations surrounding the presentation of a particular home loan rate that would effectively eat up most of the words I’m allocated for this column.

If I did, it would not be fun for you to weed through or attempt to uncork what I was really trying to offer you.

For example, even my signature section below is surrounded by licensing data and other required information about who I am and where I might work.

While excessive disclosures and explanations about interest rates might be boring for you to weed around, they’re essential for your protection and for preserving the integrity of the lending industry.

Sorry, I think I’ve been reading too much lately about the recent efforts of the Napa Valley Cannabis Association. If you haven’t noticed by now, a wine and cannabis pairing or vice versa is on the way soon.

Either way, like interest rates, wine and cannabis require tons of disclosures to the consumer. But unlike interest rates, they also come with warnings.

That’s right, a warning about how the use of one or the other or both combined might impact you.

How come interest rates don’t come with a warning label? They should.

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It’s awfully sad and annoying when I see so-called mortgage professionals attempting to lure you into contacting them because they allegedly have a rate that nobody in the world has but their bank.

These types of lending folks should not have a license and continually don’t play by the rules.

But guess what, you call them. Well, maybe not you specifically, although you get the point. And oh yes, they get the point as well, in terms of fees from you.

In today’s world, when almost everything can be done via automation and is connected electronically, it’s still amazing how often a traditional marketing mailing piece invades your home and ends up being left opened somewhere on a table or kitchen counter-top.

More importantly and equally remarkable is how often you respond to that toll-free number on the form. Otherwise, if this didn’t happen, all direct mailing pieces would cease to exist, right?

If the mailer you receive is for a new low-rate mortgage, it’s probably attractively written in an official letter format. In fact, per the mailer, you are somehow already fully-approved for it and you don’t need to pay anything to get this new low rate.

However, if you were still in doubt, you can’t help but be convinced by an overwhelmingly large font size of your new lower monthly payment on the mailer. So, not waiting any longer, you make the call and you are in their system.

Yet did you read and understand the fine print on the mailer. Most likely not, because it was either not there or cleverly hidden from you.

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Chris Salese can be reached at chris@delsurmortgage.com or 707-363-4439. He is a licensed California mortgage lender (LO NMLS #254469 — CA-DBO #254469 Corp NMLS #1850 Equal Housing Opportunity.

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