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Predatory Lenders Can Steal Your Dreams. Here’s How to Stay Safe
While most lenders are professionals who genuinely wish to help you get financing, there is a class of finance professionals known as predatory lenders. These lenders certainly do not have your best interests at heart; they care only about the bottom line. Predatory lenders often advertise heavily and take all your home equity when you apply for a home equity loan or mortgage refinance. These lenders often charge much higher interest rates than necessary and charge many additional fees. The truth is, they do not care whether you can pay off your loan. They are very quick to foreclose on your property if you cannot make your inflated payments. Essentially, they hope for one of 2 outcomes: that you either overpay the unfair charges that they set out for you, or that they repossess your property and resell it for much more than your home loan is worth. Predatory lenders are also often willing to sell your loan to another lender in order to make quick money. Whether you\'re applying for a new home loan, bad credit home mortgage loan, second mortgage home loan, or home equity loan, you need to stay alert for predatory lenders. These lenders tend to target those who do not know much about financing or those who simply cannot afford other types of low-cost financing. If you are looking for a home equity loan, especially, be sure to check out every lender carefully to make sure you\'re not scammed. Finding the right lender can be difficult, which is why Lowest Mortgage Rates exists. Lowest Mortgage Rates handpicks mortgage lenders for you, so that you can get plenty of information about each home equity loan or new home loan you apply for. Plus, Lowest Mortgage Rates has a whole library of free resources to empower you by showing you how financing really works. Best of all, Lowest Mortgage Rates allows you to get up to four free, no-obligation mortgage quotes from lenders. This means that you can compare several offers and choose the best rate possible, greatly reducing the chance that you will be taken in by a scam or unfair rate. Simply fill out an online application or call toll free at 1-866-747-0627 to avoid unscrupulous lenders and high interest rates.