Consumer’s Guide to Predatory Lending
By: Mildred Wilkins
The Consumer’s Guide to Predatory Lending offers a common sense, easy to under approach to what is and is not reasonable in taking out a loan. Unfortunately, too often we have failed to focus on many important aspects of the loan process. Are the terms reasonable for the borrowers’ income and situation? What are the long-term costs, implications and possible pitfalls of the loan? Will the homeowner be better or worse off in 3-5 years? Often the borrower does not have enough knowledge, in this area, to answer these questions. It is also unfortunate that the lender and/or real estate professional have a vested interest in not raising the discussion. The old adage “Buyer Beware” is always applicable. Get this handy guide as a starting place.
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Excerpt:COMMIT/ PROMISE TO YOURSELF
1. That you will NEVER again sign documents which you do not completely understand.
2. That you will NEVER again sign documents which have blank statements.
3. That you will always remember that contracts are legally binding.
4. That you will remember, if it sounds too good to be true, it is.
5. That you will realistically decided what you can HONESTLY afford for housing and STICK TO IT.
6. That you will SUPPORT both legislation and education to combat this growing problem.
7. That you will assertively stand your ground concerning your financial health.
8. That you will TAKE YOUR TIME and not rush into financial obligations.
9. That you ill have someone you TRUST to review the loan or closing papers if you are not absolutely clear on all the terms and conditions.
