Went through something similar last year—thought I knew mortgages inside out, but still got blindsided by some sneaky clauses. Honestly, tighter rules just push lenders to get craftier. Bottom line: always read twice, then read again...
I get your point about lenders becoming craftier, but I'm not entirely convinced tighter rules are the main culprit. From my experience as a first-time buyer, stricter regulations actually forced lenders to be clearer about terms upfront. Sure, there's always fine print, but transparency has improved overall. Maybe the issue isn't tighter rules themselves, but how they're enforced or communicated? Either way, totally agree on reading everything multiple times—can't be too careful with something this big.
"Maybe the issue isn't tighter rules themselves, but how they're enforced or communicated?"
That's a fair point. When we refinanced a couple years back, I noticed something similar. The rules were definitely stricter compared to our first mortgage, but honestly, it made the lender spell things out more clearly from the get-go. Still, even with clearer terms, there's always that one sneaky clause buried somewhere—you know, the kind you only notice after your third cup of coffee and second read-through...
I do think enforcement can be hit-or-miss though. My brother-in-law had a totally different experience with his lender—same regulations, but way less transparency. Felt like they were trying to slip stuff past him at every turn. So maybe it's less about the rules themselves and more about how individual lenders choose to handle them?
Either way, totally agree on reading everything multiple times. Learned that lesson the hard way when we bought our first place—let's just say there were some surprises at closing I wouldn't wish on anyone.
Yeah, enforcement really can be all over the place. Had a lender once who explained everything like I was five (which honestly helped), and another who acted like transparency was optional... guess it depends on luck sometimes. Always worth double-checking yourself though.
Yeah, totally feel you on that inconsistency. Had one lender who practically handed me a checklist to follow step-by-step, and another who seemed annoyed whenever I asked questions. Always pays to do your own digging—especially now with tighter rules kicking in.
