Taking a Bank Loan for a House: Is it Worth it? Every American’s dream has always been to own his or her own home. Mary certainly wanted to fulfill that dream, but surely, given the current situation with the banking industry and the excessive fees and greater care in granting loans, one needs to ask whether it is all worth it. One dollar figure stick out before anything else. Mary will be paying about $113,000 just in interest for her $144,000 house! And while the fees are, sadly enough, justifiable by the bank, one can see that the bank is finding more and more excessive fees to help bolster their bottom line. One can understand having to pay an appraiser and a recording fee, but what is it in terms of time and effort for a bank to...The end:
.....at has been subtracted from the total finance charges due. It would seem that if the house sold for about $144,000 surely there was some sort of down payment which should therefore not be subject to finance charges. What all this documentation and figures and what- if’s should tell Mary is that getting a large loan, whether for a house or some other valuable property, should not be undertaken alone. It surely would be worth having a legal expert making sure that what is spelled out is right and legal and not misleading. Mary must remember that the lender is not on her side, rather out to get as much, legally or skirting legality, as possible without much recrimination or bickering. So, she carefully needs to ask herself: Is it all worth it?