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Avoiding Predatory Lending

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The document from the California Department of Real Estate provides guidance on avoiding predatory lending practices when seeking loans for real estate. It defines predatory lending, outlines common tactics used by predatory lenders, and emphasizes the importance of being informed about loan options, understanding contracts, and choosing reputable brokers. The document also highlights legal protections against high-rate loans and offers tips for consumers to protect themselves during the loan process.

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Is there anyway to get out of a predatory loan?

A predatory lender will let you keep refinancing a bad loan and will charge fees every time. Know that even if you have already signed the agreement you have three days to cancel it. Take your documents to a housing counselor near you and have them review the documents or refer you to someone who will.

What should you do to avoid predatory lending?

Compare the quotes youve gotten from different lenders. Look at the loan terms and fees. It should be easy to tell which ones are predatory. Choose the best loan with the lowest interest rate and fees.

What are two warning signs to watch for when trying to avoid predatory lenders?

8 Signs of Predatory Mortgage Lending Sign 1 - Big Fees. Sign 2 - Penalties For Paying Off Early. Sign 3 - Inflated Interest Rates From Brokers. Sign 4 - Steering And Targeting. Sign 5 - Adjustable Interest Rates That Explode Sign 6 - Promises To Fix Problems With Future Refinances.

How to protect yourself from predatory lenders?

Make sure the lender and broker you are dealing with are licensed by the State Banking Department. You may contact the Banking Department at (800) 522-3330. Watch out for hidden terms, such as prepayments and balloon payments. Be wary of loans offered through door-to-door sales or telemarketing solicitations.

How can you avoid abusive lending?

How To Avoid Predatory Lending Educate yourself. Becoming more financially literate helps borrowers spot red flags and avoid questionable lenders. Shop around for your loan before you sign on the dotted line. Consider alternatives.