Be Careful of These 3 Types of Utah Mortgage Loans
November 9th, 2006 by Lending CenterBeware of predatory mortgage lenders. Predatory Lending can happen anywhere. Ask yourself these questions if you are working with a mortgage broker:
1) Is the mortgage broker asking you to exaggerate your income or modify your application, distorting the truth? These kind of practices can you get you into trouble later on. Be wary of a broker that is asking you to do these types of things.
2) Review the terms of the loan - Is your interest rate and payments too high for what you should qualify for? A good credit score is between 620-650. An excellent credit score is 680 or higher and that should qualify you for the best interest rate available. Compare these numbers with your loan offer.
3) Beware of excess fees - Look through the fees listed and ask about any you don’t understand. Fees that raise a flag are: Documentation Prep Fees, Processing Fees, Admin Fees, etc.
Do you have a predatory lender to report? If you do have a complaint about a mortgage lender in Utah, you can report it to the state government through this link: realestate.utah.gov.
3 Recommended Lenders who service the Utah area:
Posted in Utah Mortgages | 