Selasa, 13 April 2010

How to Avoid Unscrupulous Bad Credit Loan Brokers

A mortgage loan broker is a specialist in the field of mortgage lending and would surely be able to help you find a suitable lender to finance your home purchase. Aside from getting approved, a broker can assist in getting you the best possible rate despite your poor credit rating.



1. Avoid anything that appears to be an irresistible offer. A dishonest broker may trick you into signing up for the wrong mortgage loan by making a very tempting offer – one that’s hard to resist.


2. Watch out for instant approval. Watch out for brokers who guarantee your loan’s approval without going through the standard validation process. If a lender is willing to grant approval without first considering the risks, you have every reason to doubt the motive behind it.

3. Be careful with miscellaneous fees. If a certain broker demands upfront fees without showing you the actual Terms and Conditions of the loan, you might as well look for another broker.

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