When you hear about predatory mortgage lending practices the first thing that comes to your mind is fraud and deceitful loan practices involving high pressure sales and collusion of appraisers, lenders and mortgage brokers. Such practices hurt everyone in the community because they cause borrowers to lose their homes to foreclosure and bring down community and neighborhood property values as well. The best way to avoid being a victim of these types of practices is to work with a reputable Arizona mortgage broker. The mortgage broker will help you comparison shop for the best rates and loan products.
When you are shopping for your Arizona mortgage, you should watch out for the following:
Properties that are selling for more than they are worth by providing fraudulent appraisals.
Brokers or lenders who encourage their borrowers to lie about their income or assets to obtain a loan.
Lenders that give sub-prime loans to borrowers who they know won’t be able to repay them.
Charging high interest rates based upon age, sex or race, original or disability.
Charging excessive junk fees.
Violations in truth and lending disclosure laws.
Pressure tactics to select loans with prepayment penalties or balloon payments, interest only and other high risk products.
Giving borrowers with financial hardships cash out refinance loans knowing they may not be able to pay them back.
Allowing borrowers to refinance too many times when they don’t need to and leaving them upside on the mortgages because they have no or little equity left.
Bait and switch tactics.
Changing the costs of the loan or trying to hide fees.
There is enough information on the Internet, on television and in the newspapers for borrowers to educate themselves about Arizona mortgage practices so they don’t fall victim to predatory loan practices. There are many good and reputable Arizona mortgage brokers and Arizona mortgage companies that you can choose from to work with that will put your needs first and make sure they find you the best Arizona mortgage rates.
If you have any questions about this or if you have any questions you’d like us to answer on our podcast, you can email your questions to email@example.com or give us a call at (602) 535-2171. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.
Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.BACK TO LIST