When you shop around for the best home loan for your financial needs, you will likely come across what is known as a private lender, as opposed to a government or conventional lender. But is a private lender right for you and what is it anyway?
You’ve mastered spotting and avoiding predatory lending, but now that you’re buying a home, you need to be on the lookout for real estate scams. Many of these scams sound legitimate and are often designed to take advantage of new homeowners or those who haven’t done their homework. Remember, if a deal seems too good […]
Previously, we discussed why Americans are more confident in the housing market than they were in past years. Delinquencies and foreclosures are down, which is one reason why the people’s confidence has risen, but why exactly are they down? There are three main reasons why foreclosures and delinquencies have decreased in recent years: Kansas City […]
Predatory lending is not only harmful to you; it has negative economic effects on a community like: Foreclosure Reducing the benefits of government-sponsored enterprises (GSEs) Loss of home equity Reporting predatory lending is important. Not only does it help victims of predatory lending, it also helps prevent it in the future by raising awareness. If […]
Just like knowing how to protect yourself from loan discrimination, you should know how to protect yourself from predatory lending when applying for a mortgage in KC. Predatory lending is lending money to borrowers with extreme terms and conditions. Those most susceptible to predatory lending are: Minorities The elderly Veterans
If you’re ready to purchase a home, it’s important to find a trustworthy Kansas City mortgage company. Unfair or misleading lending practices (called predatory lending) can lead to you losing your home or other unsavory consequences. Warning Signs of Predatory Lending If you know what to look for, there are quite a few signs throughout […]