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Refi Mortgage Scams: How to Avoid a Dirty Mortgage Lender
(presented by www.refinance-refinance.net - mortgage lenders)



By Louie Latour

Refinancing your mortgage can save you money, unless you are taken by a dirty mortgage lender. Predatory mortgage lenders take advantage of homeowners by structuring their loans with excessive rates, fees, and unfavorable loan terms. Here are several tips to help you spot and avoid mortgage refi scams.

Beware Mortgage Lenders that Fail to Disclose

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Doing your homework and researching lenders is the best thing you can do to protect yourself and your finances. Using the Internet as a tool you can quickly research dozens of mortgage lenders. Most lenders will provide you mortgage estimates and disclose fees before receiving your application. If you find a mortgage lender is stalling or refusing to provide information you should find another lender. Mortgage lenders are legally required to disclose information about their rates, fees and closing costs for any loan they offer. One common mortgage scam involves not providing you specific information about your interest rate guarantee; the lender stalls until your guarantee expires and then raises the interest rate.

Never Sign Blank or Incomplete Documents

If a mortgage lender asks you to sign blank documents or falsify information on the application, this is a sure indication of a dirty mortgage lender. If you falsify information on a mortgage application you put yourself at risk for legal action and other problems. If you sign a blank document the lender can fill in anything they like; this leaves you open to higher interest rates, periodic refinancing requirements, and even cost your home.

Beware Pushy Sales Tactics

If you feel that a particular lender is being too pushy or is trying to

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This entry was posted on Wednesday, October 18th, 2006 at 2:29 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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