When Choosing Your Lender

1. 
   
   We hear a lot of talk in the news about the mortgage foreclosure problems. What we don't hear about is the predatory lenders that caused the majority of this "crisis". Here are 6 clues that the lender is predator.
   
   1. Excessive service fees. Common is 1 % of loan amount
   2. Teaser rates and baloon payments. You want to know what your rate could be raised to.
   3. Delayed closing. Unscupulous lenders may delay a closing until a more favorable rate expires.
   4. Overinflated appraisals. Higher values allow for higher fees to the lender - added cost to the borrorer.
   5. Prepayment penalties. Penalties for prepayment try to make it too costly for borrowers to lower their rate by refinancing.
   6. Unexpected settlement costs. These will make your fees at closing significatly higher than you were told earlier.
   
   Any of these situations should raise a red flag in your mind. If you have any easiness about your lender call us or other trusted professionals. The Eisenlauer Team deals with real estate issues on a daily basis,making us more familiar with these situations. It's unfortunate that a few lenders have caused such monumental problems. However there are lots of trustworthy lenders available.Please allow us to use our experience and knowledge to help you with your real estate needs. If it's buying or selling property in Polk County, or beyond..we'd love to represent you.