Watch out for Bad Deals
 

 

 

Warning Signs

In this less than perfect world we live in, there are some lenders that have ill intentions for your investment. There are some tell-tale signs to look for when dealing with a lender that should inform you if you need to move on.

Remember that there is more than one lender. Walking out on a deal is not that crucial when your home is on the line.

Honest Lenders Will Never Ask You to Lie
If a lender asks you to provide false information on a loan application or any other loan document, you should immediately walk away from the deal. There is no justification for this kind of action.

Doing this will only hurt you in the long run. A lender can revoke a loan if it can be proved that you provided false information. If they wait until you have spent the money you risk losing your home.

Avoid High Pressure Situations
Getting a home equity loan should not be a very stressful situation. It is a business transaction that must undergo certain steps before its completion. If a lender is pressuring you in anyway to take out a loan with them, find someone else.

Avoid lenders that contact you about a home equity loan that you do not need. And it is recommended to stay away from lenders that pressure you to take out more money than you need.

Avoid Bad Financial Decisions
Any lender that suggests using a home equity loan to purchase luxury items or other things that depreciate in value is giving unsound financial advice. You want to be sure that your lender can be trusted. A good lender will not intentionally put you in a financial bind.

Biting Off More than You Can Chew
Avoid lenders that suggest you take out a loan with monthly payments or fees that are more than you can afford. These kinds of lenders will pretend to be your friend, by telling you what to do to get a loan you do not qualify for. The end results of these loans are usually catastrophic. Believe it or not, there are some unscrupulous lenders who make their living off of causing these kinds of failures.

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