CassieNet News :: Mortgage Know-How :: RE: Predatory lending

Mortgage Know-How :: RE: Predatory lending - How it affects the mortgage industry

Author: Samantha
Subject: Do's and don'ts to keep away from predatory lenders
Posted: Fri Dec 02, 2005 3:28 am (GMT -8)
Topic Replies: 2

Some do's and don'ts to prevent yourself from being misled by a predatory lender:

Even if the lender has approved your loan, check out with other lenders whether you actually qualify for the loan.
Do not sign loan documents and forms having blank lines or spaces.
See that the lender has signed all relevant documents along with the proper dates.
Watch out for the fees that you are being charged along with the rate and points. Enquire about the fees if you cannot make out why you are paying such fees.
Check out for prepayment penalty charged by lenders in case you refinance your first mortgage or sell off your home prior to the termination of the loan period.
Have a clear understanding of mortgage concepts and terminology. Consult the lender or anyone acquainted with those terms.

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For the full story see:
http://www.mortgagefit.com/discuss/predatory-lending.html
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