Many people who apply for and get loans pay additional costs. Most of these must be disclosed by law. However, a form of rip-off that occurs at Citibank is very shrewd. It occurs in the closing statement.
All costs are spelled out on the closing statement, as required by law. BUT when the actual mortgage papers and the amortization papers are signed, the LOAN being amortized is larger than the AMOUNT TO BE FINANCED. Checking both the closing statement and the actual loan papers could prevent you from paying something on top of the loan over the period of the loan.
MOST charges must be disclosed! But there are several that can be added without you knowing the facts. A simple $600.00, for example, could add an outrageous windfall for the bank. More profit to buy more banks and charge just what they feel like charging.
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