arrow

Got a Home in Virginia?
Get Your Best Mortgage From Just 2.21%

Mortgage Brokers and Predatory Practices

by


Predatory lending practices may be contributing to the increases in mortgage foreclosures seen across the country. A recent survey of mortgage lenders shows that many homeowners are borrowing several times more than their annual income or using interest only mortgage loans with payments that balloon up after a few years. Mortgage brokers and home appraisers that profit from risky loans on a commission basis regardless of whether or not these loans default are setting homeowners up for foreclosure. Comprehensive mortgage reform is a hot topic in several states right now; however, some feel the steps being taken are too little too late. Many predatory lending laws on the books today fail to address mortgage brokers and a loophole in the records laws hides broker complaint files from the public. How do you choose a reputable broker? Do you homework when shopping for a mortgage lender or a mortgage broker.

» Mortgage Lender Spotlight «

Each month we showcase exclusive offers from top lenders
that can save you thousands of dollars on your next home loan.

To learn how you can protect yourself from predatory lending practices sign up for our mortgage guide.

People Who Read This, Also Read:



{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: