Cosa Nostra
Posted on April 25, 2007 - Filed Under Philosophy |
Greg asked this question the other day: What signs were there along the way that the lender would change it’s terms?
I truly wish there was some "smoking gun", some clear sign that the lender was going to balk at the last minute, not delivering what they promised. From what I know, the lender "locks" the borrower into a program, at a specified rate. How long this lasts is unknown to me but for some reason 30 days comes to mind.
This leaves the company itself: it’s reputation, it’s business practices. But how can one tell if a company is leading them on?
In my case, a midnight caller named "Vinnie" did not ask to meet with me, in some dark alley to sign loan documents. The lending institution was not called "Gotti Lending Services" or "Capone Mortgage Company". No one ever asked me to kiss a ring of the "mortgage broker" nor did anyone suggest that I would owe them "a favor" for getting me a great rate.
I believe, dear reader, some logic can be applied to this situation. Donning our "Mr Spock" ears, we can logically assume that it is not in the best interest of lending institutions to stiff their clients on items that can’t be delivered. If indeed Gotti Lending Services continually promised prime rate for their customers, yet never delivered, then word would spread quickly and the institution would quickly find itself out of business.
Certainly, LenderLady doesn’t read my blog. It is with a strong degree of doubt that she read my entry regarding shady loan officers. She didn’t plot revenge, while twirling her mustache and giving a maniacal laugh. If she had, any woman with a mustache big enough to twirl would have been cause for me to immediately find and utilize all emergency exits.
This two-pipe problem was perplexing. In the end, I was forced to remember two adages.
First, Arkham’s razor: Oftentimes, the simplest explanation is the best explanation.
This lead directly to the second: If it’s too good to be true, it usually is.
Just as a contractor or plumber can disappoint, so can a lender. The trick is to find one you can work with.
EDIT: Merde. Yes, thanks for the correction. It is Occam’s razor, not Arkham’s.
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**Continued from yesterday**
The spurn of people to move into the world of finance has produced a myriad of seminars to aid humanity in it's quest to become rich.
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I remember when I first started meeting my mentor for visits.
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Is this what you meant?
http://en.wikipedia.org/wiki/Occam’s_razor
Check this out…
http://youtube.com/watch?v=kUldGc06S3U