A lot of people every year have been victims of predatory lending or loan fraud. These people usually are the misinformed home buyers, first timers, and senior citizens that are mostly been targeted by predatory lenders. Here are some tips or things to consider for you to avoid Home Loan Frauds.
1. You should take your time to canvas around. Canvassing and comparing prices may take a lot of your time but it is worth it. It is like going shopping, there is always the best deal for you. If a lender is trying to tell you that they are your only chance to get your own home, you better to think twice or yet turn them down because they are the ones who will most likely the predatory lenders.
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2. After canvassing from multiple brokers or lenders, you could access yourself whether you are being charged in a fair interest rate based on your credit history, and not by your nationality or race.
3. Always read the content of a sales contract or loan documents before signing. Make it sure that the content is true and do not sign any contracts or documents that are blank. They might put something that you might regret afterwards.
4. Double check the costs and loan terms; if it is the correct data that you have originally agreed to before closing and deals with a lender.
5. Do not lie or choose to lie about your current income, expenses or even your available cash for your down payments for you to get a loan. If you can not really afford to loan, do not insists in purchasing it otherwise you will be paying up
6. Interest only payments, steep pre-payment, and balloon loans have the highest risk loans so better be careful in dealing with this type of loans.
7. In dealing with lenders, do not be open to them specially your in need of cash due to medical, unemployment or even debt problems. You are the favorite target of predatory loaners because you are very vulnerable.
8. Always check whether refinancing your home equity over and over again will give you more benefit otherwise do not refinance because it will only lead you to paying the double of your normal interest rate.
9. Anyone can be a victim of false appraisals, so beware of it. Always read carefully on whatever contract you will sign up.
10. List down and compute all your monthly finances. This will help you know your maximum amount you can loan; here is a maximum loan calculator [http://www.fiscal-wise.com.my/FiscalWiseWeb/FinancialTool/MaximumProperty.aspx] that will help you calculate your estimated home purchase price that will be based on your current income and debts. Always bear in mind that do not let them convince you to borrow more that you could afford to repay, it will only increase the risk of losing your precious house and all of your money you put into your property.
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