Tips to Avoid Predatory Lenders When Mortgage Refinancing

If you’re in the market for a new home loan and want the best refinance rates for your mortgage refi there are steps you can take to avoid predatory lending. If you keep an eye on the financial news you’ll quickly realize that deceptive lending practices aren’t limited to the smaller hard-money lenders; even large, nationwide banks are getting called out for predatory practices.

Many consumers fall victim to predatory lending every single year. While the majority of lenders are reputable and honest, now and then, you run across a lender that gives all the rest of them a bad name. Avoiding a predatory lender can help save yourself some money and a lot of problems. Here are a few tips for avoiding predatory lending in the future.

http://www.finweb.com/mortgage/3-tips-to-avoid-predatory-lending.html

FinWeb suggests approaching your mortgage refi with a healthy dose of skepticism and work with someone you know when mortgage refinancing. It can help if you have friends or relatives who are mortgage brokers; however, you don’t have to have an inside connection to get the best refinance rates for your next home loan, you simply have to find the right person to arrange your next mortgage.

Who is the right person? I don’t recommend bank mortgage rates because the bank is exempt from the Real Estate Settlement Procedures Act which protects homeowners from predatory lending practices. Why choose a lender for your mortgage refi that doesn’t have to play by the rules?

You can get started finding the right person to arrange your next home loan by looking for a local self-employed broker willing to work for a flat loan origination fee of one percent. Keep in mind that there are a number of junk fees you’ll need to avoid at closing because these fees determine how good of a deal you’re getting since you’ll have to recoup these expenses before you realize any savings from the new loan.

You can learn more about getting the best refinance rates without paying junk fees for your mortgage refi by checking out my free Underground Mortgage Refinancing Videos.

Published by

Robert Regehr

Robert Regehr is a finance writerr sharing money-saving mortgage tips at RefiAdvisor.com. Connect with Robert on Google+

Leave a Reply

Your email address will not be published. Required fields are marked *