{"id":5866,"date":"2025-05-05T18:13:31","date_gmt":"2025-05-05T23:13:31","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=5866"},"modified":"2025-08-24T08:25:16","modified_gmt":"2025-08-24T13:25:16","slug":"loan-officers-share-tricks-that-get-you-to-overpay","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/loan-officers-share-tricks-that-get-you-to-overpay\/","title":{"rendered":"Loan officers share the tricks that get you to overpay"},"content":{"rendered":"\n<p>The mortgage industry has gotten very good at ripping people off. Between excessive fees and inflated interest rates, the average homebuyer overpays by $3,500 at closing. The kicker? Most don\u2019t even realize it\u2019s happening.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>So how do lenders get away it? How do they keep selling bad deals to smart people? Loan officers know. And they\u2019re speaking out.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>In our new series, <a href=\"https:\/\/youtu.be\/GorfjiZoVcI?feature=shared\" title=\"Loan Officer Confessions\">Loan Officer Confessions<\/a>, we uncover the deceptive practices that usually don\u2019t get talked about outside of the industry. From bait-and-switch pricing in a loan estimate to lenders who aren\u2019t incentivized to act in your best interest, these are the tricks of the trade, told by the people who\u2019ve seen them firsthand.\u00a0<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Take Jamar, who shares how real estate agents often pressure buyers into using their in-house lenders.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Loan Officer Confessions: Jamar\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/YjmOjW-ZEtU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Or Michael, who breaks down how loan estimates are packed with irrelevant information that\u2019s designed to confuse, not clarify.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Loan Officer Confessions: Michael\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/-YK_bhT7RkE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>We built <a href=\"https:\/\/tomo.com\/mortgage\/interest-rates-today?utm_source=tomo_blog\" title=\"True Rate\">TrueRate<\/a> to give homebuyers power in the conversation with a lender. When you know your \u201ctrue rate\u201d\u2014the rate you should get, when you\u2019re talking to a lender\u2014it changes the game completely.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>If you work in the industry and are tired of the deception: talk about it.\u00a0 At <a href=\"https:\/\/tomo.com\/?utm_source=tomo_blog\" title=\"Tomo Mortgage\">Tomo Mortgage<\/a> we\u2019re building a work environment where loan officers can do right by homebuyers, earn trust and still win.\u00a0<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>If that sounds like you, <a href=\"https:\/\/tomo.com\/mortgage\/careers?utm_source=tomo_blog\" title=\"we\u2019re hiring and would love to hear your story.\u00a0\">we\u2019re hiring and would love to hear your story.\u00a0<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/interest-rates-today?utm_source=tomo_blog\">Explore TrueRate<\/a><\/div>\n<\/div>\n\n\n<div style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:0;margin-right:0;\" class=\"has-link-color wp-elements-c54b177fd5d2f341f8967a20726f2ac0 wp-block-post-author has-text-color has-contrast-color has-background has-tertiary-background-color has-large-font-size\"><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\"><a href=\"https:\/\/tomo.com\/blog\/author\/willbtomo-com\/\" target=\"_self\">Will Begeny<\/a><\/p><p class=\"wp-block-post-author__bio\">As VP, Will leads editorial, market research, trend analysis for Tomo. A writer who studied statistics, he spent the last few decades looking for patterns in data to answer questions about culture, consumer behavior, and business, previously as the global head of Meta&#8217;s futurist initiative. He lives in the Hudson Valley with his family, dog, cat, and 5 chickens, in a house built by a pirate in 1730.<\/p><\/div><\/div>\n\n\n<p>If you&#8217;re ready to start your journey to homeownership, <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval?utm_source=tomo_blog\" title=\"\">get pre approved with Tomo Mortgage today.<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mortgage industry has gotten very good at ripping people off. Between excessive fees and inflated interest rates, the average homebuyer overpays by $3,500 at closing. The kicker? Most don\u2019t even realize it\u2019s happening. So how do lenders get away it? How do they keep selling bad deals to smart people? Loan officers know. And [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":5868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[285,39],"tags":[279],"class_list":["post-5866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-tips","category-company-news","tag-good-interest-rate"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"fifu_video_url":"https:\/\/youtu.be\/GorfjiZoVcI?feature=shared","_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=5866"}],"version-history":[{"count":6,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5866\/revisions"}],"predecessor-version":[{"id":5874,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/5866\/revisions\/5874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=5866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=5866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=5866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}