Predatory Lending: Buy a home in Broomfield/Lafayette

www.BuyAHomeBroomfield.com – Appendix D of learning to buy a home in Broomfield/ Lafayette/Arvada: Predatory Lending. Step-by-step guide when buying property in the Denver, Colorado area.

    APPENDIX D – Predatory Lending when you buy a home in Broomfield: What Tactics Do Predators Use?

  • A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.
  • The house you are buying costs a lot more than other homes in the neighborhood, but isn’t any bigger or better.
  • You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.
  • You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud – it does not.
  • The cost or loan terms at closing are not what you agreed to.
  • You are told that refinancing can solve your credit or money problems.
  • You are told that you can only get a good deal on a home improvement if you finance it with a particular lender.

Broomfield, Colorado’s Denver area includes Lafatette and Arvada. Be sure to download the free step-by-step buyers guide. http://www.BuyAHomeBroomfield.com

TRANSCRIPT

Hi, this is Miles again and welcome back to our series on how to buy a home in Broomfield. Your education is really, really important and in the fourth appendix there is a whole bunch of information about predatory lending, and this is definitely something you’re going to want to take a look at here. So first, what is predatory lending? Predatory lenders can encourage you to lie about your income or your expenses or your available cash and down payments. These are tactics they can use in order to get the loan but you really don’t want to do this. Predatory lenders can also charge fees for unnecessary or sometimes even nonexistent products and services they might pressure you to accept higher risk loans such as balloon loans, interest only payments, and steep prepayment penalties. And there’s any number of other tactics that they might use to defraud you. So this is just one of the bonuses included in the free guide Nine Steps and 36 Tips to Buy a Home in Colorado, which you can download for free if you go to www.BuyAHomeBroomfield.com and download our free guide. Thanks.

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