so true..
Written by Ms. Confuse on Sunday, May 18, 2008How to know which mortgage lenders to stay away from? two things to look at: Is the lender licensed in your state? This is supposed to be stated in the small print. If not, ask. Check with the licensing agency for complaints. Don't go with unlicensed lenders. You will have no help if things go wrong.
Second: Don't go with a lender that promises too much. Go with a solid repayment program you can afford. No money down and interest only for five years usually only leads to one single outcome: you lose the house at the end of five years, because you will not be able to afford the sudden large increase in payments.
If you are planning to own the home for a limited period of time (or you might suddenly have to relocate because of a job), it is worth checking on prepayment penalties and loan transferrability. Look up those terms if you don't know what they mean.
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