Mortgage Refinance Information - What is Predatory Mortgage Lending?
When you hear about predatory lending practices, you usually hear about it in the context of bad credit mortgage companies taking advantage of borrowers with poor credit. While this is the arena where many predatory lenders operate, mortgage companies routinely take advantage of windows, seniors, disabled homeowners, and people that just don't know better. These homeowners get stuck with points and interest rates often double what homeowners that have done their homework are paying.
Predatory lending affects borrowers everywhere, regardless of credit, race, or age. If you neglect to do your homework before refinancing your mortgage you risk overpaying with any of the following mortgage company scams:
• Junk fees, excessive charges
• Misleading closing costs on the Good Faith Estimate
• "No Cost" mortgage loans with excessive fees
• Misleading loan contracts
• Undisclosed prepayment penalties
• Yield Spread Premium
• Misleading Interest Rate Locks
• Deceptive Advertising
How do mortgage companies get away with these deceptive practices? Mainly because the majority of homeowners simply don't know any better. When closing on a new mortgage the lender bombards you with paperwork and the majority of these unfair practices are disclosed in the fine print; however, how many homeowners review and question everything? Careful comparison shopping will help you avoid many of these practices but when in doubt, ask questions.
You can learn more about mortgage refinancing while avoiding predatory lending practices and expensive mistakes by registering for a free mortgage tutorial.
Related Tags: refi home loan, mortgage refinancing, home mortgage refinance loan
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com
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