When longtime mortgage loan officer Hillary Moussali worked at a local Chase bank branch, an elderly man walked in holding a mail advertisement with the bank's name, promising "super low" refinancing rates. Moussali took one look at the mailer and knew it wasn't sent from Chase.
"I read the fine print, which he probably couldn't even see," said Moussali, who worked as a loan officer for Chase from 2016 to 2021. "If he had just called the 1-800 number, who knows what they would have charged him."
There's a good chance they would've charged him thousands of extra dollars in unnecessary costs, according to new Bankrate research that finds a costly "Seniority Tax" is consistently imposed on older refinancers. The Seniority Tax is a targeted example of a wider Hidden Homeownership Tax revealed by our research — the systemic overpayment by American mortgage borrowers.
Read more about how the Seniority Tax plays out, along with similar overpayment consequences for other groups of people.
Full report
#worked #charged
"I read the fine print, which he probably couldn't even see," said Moussali, who worked as a loan officer for Chase from 2016 to 2021. "If he had just called the 1-800 number, who knows what they would have charged him."
There's a good chance they would've charged him thousands of extra dollars in unnecessary costs, according to new Bankrate research that finds a costly "Seniority Tax" is consistently imposed on older refinancers. The Seniority Tax is a targeted example of a wider Hidden Homeownership Tax revealed by our research — the systemic overpayment by American mortgage borrowers.
Read more about how the Seniority Tax plays out, along with similar overpayment consequences for other groups of people.
Full report
#worked #charged
3 months ago
