Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Below you'll find the top ten ways to avoid becoming a victim yourself.
1. Take your time and shop around. You should be able to compare prices and houses. If a lender or broker tells you they are your only chance to get a loan or owning a home, don't do business with them.
2. Do not sign a sales contract or loan documents that are blank or that contain information which is not true.
3. Be certain that the costs and loan terms at closing are what you originally agreed to.
4. Do not be talked into lying about lie about your income, expenses, or cash available for downpayments in order to get a loan.
5. Watch out for higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.
6. Be careful about disclosing things like your need of cash due to medical, unemployment or debt problems. You are very vulnerable in these cases.
7. Don't strip your home's equity by refinancing again and again when there is no benefit to you.
8. Beware of false appraisals.
9. Do not let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.
10. Get several quotes from multiple brokers or lenders so you know you're being charged a fair interest rate based on your credit history, not your race or national origin.
About The Author
David Brumbaugh is the owner and operator of EZandFree.com, which provides consumers with online tools for easily obtaining free competitive Mortgage and Loan Quotes. It also serves as a mechanism by which Mortgage Brokers can obtain legitimate qualified leads from people who need their services.
Terms of Use
Copyright 2004 David E. Brumbaugh. All rights reserved. This article may be published in your newsletter or web site. It must be reproduced in its entirety including the biography and web address.
Instant payday loans are financial loans that are available for... Read More
While looking for adverse credit homeowner loans it can seem... Read More
Secured homeowner loans come in a variety of different types... Read More
When looking for loans for bad credit, many people find... Read More
Here is a useful guide to secured loans. A secured... Read More
Scene one: you are sitting on your office desk surrounded... Read More
If you find yourself in a situation where you need... Read More
No one can say for certain where the history of... Read More
There is more than one type of loan. Depending upon... Read More
For a fast cash advance loan, no fax payday loans... Read More
Here is a useful guide to personal secured loans. A... Read More
A UK Home Owner Loan Can Unlock Your Capital To... Read More
Not everyone is aware of what is a student loan?... Read More
A secured personal loan is the generic term for a... Read More
A Bad Credit loan is a personal loan for people... Read More
The average person some time in their adult lives will... Read More
We have all heard the stories about cash advance lenders... Read More
It is no secret that thin or no credit can... Read More
Should you find yourself getting in over your head with... Read More
Borrowing money has become more and more popular in the... Read More
Secured Personal Loans are those loans against which you don't... Read More
Have you ever wondered what is credit scoring? Credit scoring... Read More
A commercial business loan is designed for a wide range... Read More
Are you wondering what is credit insurance? Very simply, credit... Read More
In this second installment, we will further examine what kinds... Read More
When you set out to borrow, you often come across... Read More
Sometimes it might seem as though finding good loans UK... Read More
A UK Home Improvement Loan Can Give You The Home... Read More
How do you build a marketing strategy that can have... Read More
Ever wondered what is credit? Credit is more than just... Read More
Military signature loans are easy to come by. When looking... Read More
When searching for a payday loan company online to get... Read More
Outlined below are some of the reasons for choosing a... Read More
While looking for adverse credit homeowner loans it can seem... Read More
If you find yourself in need of poor credit loans,... Read More
If you considering using a Cash Advance Payday Loan service... Read More
Are you approaching towards a payday loan cash advance? Is... Read More
From different surveys, it is seen that the number of... Read More
If you are looking at getting a payday loan or... Read More
Education never ends ? it is not said without reason.... Read More
No one can say for certain where the history of... Read More
These days having a reliable and safe vehicle to drive... Read More
Some say that the automobile industry saved the economy during... Read More
Emergency - the word is written everywhere in red and... Read More
'Bad' means 'bad' no matter where you go! It is... Read More
Are you wondering why choose a secured loan? A secured... Read More
A bridging loan has many benefits, some of which are... Read More
It is still a few weeks to Christmas and every... Read More
There are a number of different loan products available today,... Read More
If you live in the United Kingdom and find yourself... Read More
Loan Loan |