Always double check the terms of your loan...
Recently, I attended a closing where the owner felt that the lender was performing predatory lending. I agreed, as a matter of a fact, I pointed it out. One of the signs of predatory lending in his deal was that the terms of the loan was not what the owner agreed to.
The owner immediately called the lender. From his demeanor, the lender was trying to convince him that the deal was the best the lender could do for his situation. This statement was met with the owner informing the lender that the owner's present lender was offering a no closing cost deal, as well. After several more exchanges, the owner agreed to allow the lender time to meet the terms of the orginial agreement.
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The lesson here is to read the documents you are signing. Do not take anyone's word on what the documents state. When viewing documents look for the interest rate, term and cost for acquiring the loan. Question all items that you do not agree with.
The above scenario is one of many signs of predatory lending.
Other signs of predatory lending are:
- The lender tells the client that the product or loan the lender is offering is the only chance that the client has to get a loan or refinance. Remember if a lender does not give you a choice they are not the right lender for you.
- The lender states the home cost more than others in the area. Remember, the home can not be sold to you for more than what it appraises for. Futhermore, the appraisal is an opinion of value based on homes of similar, size, age, etc. as the property you are purchasing. Still yet, your Realtor can provide a comparative market analysis to let you know the value of the home.
- The lenderask you to sign a blank document. Never sign a blank document.
Lastly, if it seems to good to be true it often is. Read all documents that you sign and get second opinions by having your Realtor, attorney, and/or accountant review the rate, term, and contract before you sign to ensure your rights are protected.
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Posted in Home Improvement Post Date 07/19/2019