HLS, I agree with most of your points especially neither clueless consumers nor clueless sales people seem to want to learn what they don’t know.
However, I don’t think “it is extremely foolish to want a no cost or no fee loan, gambling that rates will go lower.” It really depends on individual situation (e.g. how much cash you have on hand, what job security youhave, what is your overall financial plan, etc).
In the perfect world, a loan officer should just list all the options that the client could have. And the client makes all the tradeoff for himself.
But then again, neither clueless consumers nor clueless sales people seem to want to learn what they don’t know.
