new mortage

[indian spirit]

What is the name of your state? Louisiana, parish of Livingston

We are about to buy a home. Have been approved and starting to look this weekend.

I have been reading here and attempting to google things but i am failing to understand what i am reading.

Is there a site that will tell us what to watch out for in the way of predatory lending, and some of the other scams I have read about here, in laymans terms?

"weenor" told someone to do homework, and that is what i am trying/attempting to do. Dont want to be here in 6 months with a tale of woe.

thank you

 

[pojo2]

Is there a site that will tell us what to watch out for in the way of predatory lending,

So called predatory lenders feed off of folks with bad credit for the most part. One would be hard pressed to make you up a comprehensive list of things to watch for because it would take too long. The best way to protect yourself is to protect your credit rating.

Work with a real estate agent and he/she will guide you but then YOU have to do your own homework.

So tell us from what you have read here what is your main worry and we can go from there.

Be sure you are looking at the proper definition of PREDATORY, because way to many people who come here think is is a lender who merely expects one to live up to their obligation, who feel like the lender is predatory when they foreclose on a property because of non payment because of their hard luck, neither of which is true.

 

[indian spirit]

i am mainly concerned with balloon type payments. Things that will increase our interest rate, and things with high penalty early payoff.

hubby's credit is decent. We have had to go through a year of getting fraud off his Credit report. And just got the final thing removed this past month. Score is around 700.

how would one know if the mortage company is reputiable? I mean aside from going through a bank for the mortage.

Are there any universal names to stay away from?

I am not desperate for a home loan. And wont allow us to get bullied into something. but at the same time I want to make sure that I have as much information going in so I know what to be on the look out for.

how much time will i have to read over the contract before it is signed. Will i be able to bring it home to read before signing? I dont want to be watched as I read and attempt to understand all this. If i dont understand what is in there can i be given a copy to take a unbiased lawyer and have him read it and tell me if its a good deal or not?
and if i can how much does that generally cost?