You do have rights as a borrower

If your looking for a mortgage and at the end things don't look the way they were promised you do have a 3 day recission period in which after the loan documents have been signed, you have the right to change your mind. It is the job of any loan officer to fully disclose the terms and fees of any mortgage based product.

If your loan officer is trying to rush you through the process, it maybe time to set back and examine the loan offer and it's terms. If you don't understand the loan your looking at, ask a friend or relative to look over the papers, or seek advice from an accountant.

The mortgage rules have changed

With foreclosures at a record high, lenders have had to retool the entire mortgage lending proceedure. No more stated income loans, inflated home values. The one thing that really hasn't changed is the mortgage brokers ability to mislead you. Mortgage lenders do not have to adhere to the same guidelines and brick and motar lenders. The only goal for a mortgage lender is to get your name of the bottom line and move on to the next customer. I would say that the mortgage brokers could be blamed for the majority of the bad loans now being absorbed by banks and investors.

Driving habits will change

With oil at $140 today the way Americans drive will change. At some point the cost of fuel for personal vehicles will become so high it will require drastic changes in order for people to keep from going broke. Every dollar that is spent on fuel is one dollar less that can be spent on other things such as food, utility bills, clothing and so on. The average citizen only makes so much money every month and now with budgets being stretched, some will have to make critical choices.