What else do I need to know?

What else do I need to know?

While most mortgage lenders and brokers have your best interests in mind, there are lenders that may try to take economic advantage of you. There are lenders that target people with low credit scores, who may have fewer credit choices or are perceived as higher credit risks. Unscrupulous lenders often reach out to elderly and low-income homebuyers, minorities, women, people with less than perfect credit and people who know very little about home loans and mortgages.

Be suspicious of anyone who offers you “bargain loans,” whether they mail or e-mail you an offer, call you on the phone or come to your door. Avoid promises of “No Credit? Bad Credit? No Problem!”
For more information on how to protect yourself from unfair or deceptive lenders, contact the Bureau of Consumer Protection in your state.

Protecting Your Identity – Caution: Under no circumstances should you sign blank forms giving your lender permission to obtain tax or personal financial information on you. Be specific about personal information that you grant authority for lenders to obtain in the verification process. You should confirm the name of the lender designated to receive the information, insert the specific information that you wish released, and date the authorization ( e.g., Form 4506,Request for Copy of Tax Form, or Form 4506 – T, Request for Transcript of Tax Return, should always specify the tax years to be released).