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Signs Of An Unscrupulous Mortgage Lender

As a first time homeowner hopeful, getting a great mortgage lender to give you a loan is important. The latter explains why there are so many lenders looking to actualize that dream for any interested party. Unfortunately, a huge chunk of such players doesn't have your best interest at heart.

The only reason they do the latter is to make a profit – more often than not – at your expense. Therefore, you must learn how to spot them before falling victim to their ploy. That said, here are a few signs that'll tell you that a particular mortgage lender is dishonest:

Hidden charges

Just like it’s the case with most dishonest mortgage brokers, shady mortgage lenders tend to have a ton of hidden charges. The latter is why most of them tend to have unfair rates that often end up in huge profits for them. That’s why it’s relatively important for any first time buyers to be aware of such and avoid them by all means.

The best way to find out whether the mortgage lender you’re considering is legit or not is by reading through their testimonials. In case you find anything fishy or doesn’t add up, then by all means take your leave.

Unfair rates

As I mentioned in the previous point, dishonest mortgage lenders always put their interests before their clients'. The latter explains why they might have the highest rates, which of course they have explanations for at every single time. The best way to discover whether or not your first time buyer mortgage is inflated or not is through comparison. Get a list from the best lenders and compare notes. If anything looks off, then that should be your cue to take a hike.

Poor communication

Once again, the worst lenders don’t care about their clients beyond securing a deal. So, if you try reaching out to a lender and their customer service is shitty, chances are their deals are shitty. That alone should be enough to send you looking elsewhere. Thankfully, there are so many lenders with great customer service that can be so helpful to you as a first time home buyer. So, the last thing you’d want to concern yourself is with a business that has poor communication.

Conclusion

First time home buyer mortgage has to be the easiest one to get. But before you do that, id strongly recommends seeking the services of the best first time buyer mortgage brokers you can get. They’re the ones who have all the details about lenders and can save you a whole lot of trouble sorting out the proverbial wheat from the chaff.

Once you've selected the right lenders, you can have a sit down with your broker and choose the right package, especially the one you can comfortably afford. But the moment you realize you're about to take a mortgage with an unscrupulous mortgage lender then refrains from signing anything and take a bow. If you entertain them, chances are you'll find yourself in a situation that'll cripple you financially for a long time.

 

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