As we’ve seen in the economy recently, leaving everything up to the mortgage lenders is probably not the best idea in the world. Left to their own devices, they’ll always be looking out for themselves before your interests. No matter how nice and helpful they may be, they are in business to make money.

1. What about predatory lending?
As we’ve seen in the economy recently, leaving everything up to the mortgage lenders is
probably not the best idea in the world. Left to their own devices, they’ll always be
looking out for themselves before your interests. No matter how nice and helpful they
may be, they are in business to make money. That’s not to say that all mortgage lenders
are out to get you. Not at all.. I am saying that you need to look out for yourself. Don’t
expect your mortgage lender to have your best interests at heart like your mom would.
Take the time to do your homework and find out what is important to you about the
transaction. Identify those aspects within the deal, make sure you are legally covered, and
that the agreement actually states everything you expect it does, and nothing you don’t
expect. If you are looking for home loans, Oklahoma City is a great place to start.
Just as not “all” mortgage lenders are out to get you. Its true, some are predators. Just like
everywhere else you will find both good and bad people. In the current economy you’ll
find the bad ones laying low and keeping a low profile, but they are still out there. These
weasels prey on old people, widows, stupid people and anyone at a disadvantage. They’ll
take advantage if they see one. If you feel uneasy about your mortgage guy, get a new
one, simple.
Some things to look out for are
• High cost, “no cost” loans
• Deceptive advertising
• Bad faith estimates of the closing costs
• Misleading clauses in the paperwork
• Lowballing rate quotes
• Flimsy rate locs
• Undisclosed repayment penalties
When you are thinking about these sorts of things and watching for them. You wonder
how anyone could get away from doing business like that. The thing is that many people
put blind faith in the people handling their real estate transactions. They don’t pay
attention. They get tired after signing their name 50 times and don’t pay attention to that
51st page that’s got a misleading clause with an undisclosed early repayment penalty.
Don’t get me wrong.. I am not trying to convenience you that mortgage lenders are
crooks who out to weasel you. They are out to make money like everyone else in the
market. They want to get the best price they can for what they are selling. As it happens a
small percentage of them are weasels. Some get overly excited and greed takes over.
Maybe they are not at fault. They were perhaps born that way, who knows. The point is
that its up to you to make sure you are not getting the short end of the stick. Ask
questions. Do your homework. Take some time out when you get tired. Don’t skip over
anything. If you need to, hire someone who specializes in mortgage lending to review all

2. your paperwork before you sign it. You could end up saving yourself $10,000 on the cost
of your refinance oklahoma city just because you stopped to read the fine print!