Home Buying in Tucson>Question Details

Trulia Tucson, Other/Just Looking in Tucson, AZ

What are the warning signs of a shady mortgage provider?

Asked by Trulia Tucson, Tucson, AZ Thu May 30, 2013

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Get pre-approved first thing a potential buyer should do, there should not be an obligation nor cost to do this, get it in writing. Once you have an executed purchase contact, get a GFE (Good Faith Estimate) in writing.

Personally, I prefer local Tucson based lenders.
0 votes Thank Flag Link Thu Jun 20, 2013
Truth about lending, this is what most industry professionals will refer to. For me, I go with my gut instinct. I highly suggest receiving a referral from your REALTOR for at least two local mortgage lenders so that you can compare their services and product. This way you are able to compare rates, fees, timelines, and many other matters that weigh heavily in the home purchase process.

0 votes Thank Flag Link Mon Jun 3, 2013
Not getting all of the necessary information from you before discussing rate and terms or asking for money up front before you are pre-qualified. Most are licensed and bonded but I still stick to ones I know and trust. if you need one just contact me and I will give you their information.
0 votes Thank Flag Link Fri May 31, 2013
- throwing out an interest rate without asking a prospective borrower several questions
- requiring money up front before providing an interest rate or disclosure documents
- a rate seemingly much lower than everyone else (if it seems to good to be true it probably is!)
- lack of followup and lack of experience
- several complaints when you google them

There are a number of others, but the best way to avoid hooking up with a shady mortgage guy is to speak to folks who come highly recommended (friends, family, realtor, etc) and don't get sucked in by a too good to be true rate quote. Different lenders have varying capabilities, but on a fairly standard program everyone should be fairly close in terms of rates. If someone is more than 1/4% lower than everyone out there then there is probably a catch!

Good luck!
0 votes Thank Flag Link Thu May 30, 2013
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