Tips to Avoid Shady Mortgage Lenders

It’s quite common to meet a lender who won’t give you very pleasant experience. Some mortgage lenders can delay the closing or rise the interest rate after your mortgage approval. You, of course, wouldn’t want to deal with such companies. But how to avoid them? How to choose the right mortgage lender?

Well, here are some tips below:

If a lender asks you to provide false information in order to get a mortgage loan, then that’s a red flag.

If they tell you to get a larger mortgage than you need, then that can be a sign of shady mortgage lender.

If the lender of a mortgage pushes you to accept terms of payment that you can’t meet, run away.

If they fail to provide you some required information (rescission rights or ARP), then find another lender.

If they ask you to sign blank forms and say they’ll fill them later, don’t trust them and don’t sign anything.

If a mortgage lender tells you to quickly scan through the documents you’re about to sign, it a danger sign. Always read carefully every sentence of the document.

If a lender doesn’t give or denies to make some copies of the documents you signed, that’s another sign of scam.

There are many more tips that should help you avoid shady mortgage lender companies that can’t be covered here. Basically, one thing to keep in mind is that if a mortgage lender tries to falsify some information or pushes you to quicken the process of obtaining a mortgage, then you probably shouldn’t trust such a lender