| When you need to think about refinancing your | | | | easy money from unsuspecting targets. Be very |
| mortgage, it doesn't take much time to discover that | | | | cautious if you notice any of the following red flags. |
| there are so many different choices in the types of | | | | Mortgage lenders that rely on slick presentations and |
| loans and various mortgage home loan terms that are | | | | pressure tactics are more than likely not to be trusted. |
| available that it can become overwhelming. At the | | | | Beware of any presentation that feels "canned," |
| same time, there are very aggressive mortgage | | | | over-hyped, or extremely fast-paced. This type of |
| lenders that are eager to get your attention by enticing | | | | approach is designed to get you "caught up" in a great |
| you with special loan terms so that you will do | | | | deal on your refinancing and to keep you from asking |
| business with them. | | | | questions. |
| While most of these offers come from legitimate | | | | Also, be very wary of lenders that do not encourage, |
| mortgage financiers who operate in good faith and | | | | or outright discourage, your attempts to get your |
| above board, there have been increasing reports of | | | | questions answered. Any legitimate mortgage home |
| "predatory" home mortgage refinance lenders on the | | | | loan company will be more than happy to take as |
| prowl through the marketplace. These predatory | | | | much time as necessary to be sure you are |
| lenders are not operating with the best interest and | | | | comfortable with the proceedings and that you have |
| benefit of the consumer in mind and they prey on | | | | gotten the information you need. |
| homeowners who are less experienced and | | | | Be very cautious of dealing with financiers that you |
| knowledgeable. | | | | have never heard of before. While new, legitimate |
| Mortgage lenders that operate in this unethical way | | | | companies do enter the market, it is best to deal with |
| certainly won't be in the marketplace for long. There | | | | known entities when it comes to your finances and |
| are many state and federal regulations that govern the | | | | your mortgage refinancing. It is always a good idea to |
| mortgage home loan industry, which are designed to | | | | check with both the Better Business Bureau and the |
| protect homeowners and weed out the deceitful. | | | | Attorney General in your state if you are at all unsure |
| Unfortunately, the unscrupulous mortgage lenders can | | | | about the company. |
| do a lot of damage in a short period of time. Often by | | | | Watch out for abnormal loan rates and high fees |
| the time anyone realizes they have been taken, the | | | | associated with doing your home mortgage refinance. |
| predators have closed up shop and are nowhere to | | | | Most lenders charge about the same for interest rates |
| be found, but most likely have moved on to strike the | | | | and various fees, so anything out of the ordinary, either |
| unsuspecting in fresh territory. But knowledge is the | | | | too high or too low could be a red flag. Be sure to |
| best defense in this case and with the following | | | | survey the market so you know what is normal and |
| suggestions you should be able to steer clear of | | | | customary. |
| problems. | | | | Run from the office if you find yourself encouraged to |
| One of the first things to avoid is any unsolicited | | | | lie when you fill out your refinance loan application. |
| attempt to offer you mortgage refinancing. Don't listen | | | | Legitimate lenders would never encourage you to |
| to a telemarketer who tells you how much they can | | | | falsify information. Similarly, never leave any space on |
| save you if you let them handle your home mortgage | | | | an application blank. If they do not apply to you, cross |
| refinancing. | | | | out any blank spaces or clearly write "N/A" in the |
| Throw away leaflets stuck on your car windshield or | | | | space. |
| door knob. When it comes to dealing with financiers, it | | | | Finally, beware of mortgage lenders that try to get you |
| is best if you are the one who is making the first | | | | to sign on the bottom line before you have really been |
| contact. | | | | able to thoroughly review the terms and the |
| But, even if you take the initiative and make the first | | | | paperwork. You should never sign mortgage |
| contact, you could still run into predatory lenders. The | | | | refinancing papers under pressure. Remember, there is |
| reality is that the mortgage refinance industry is a | | | | no need to rush, and it is better to take your time than |
| multi-billion dollar field, and it attracts crooks looking for | | | | to be duped by a predatory lender. |