If you are looking to buy a home, refinance, or obtain a home improvement loan, beware. There are some lenders who will put greed before your needs by charging you higher fees or charging you a higher interest rate than you should have to pay. You could end up with a loan with payments you can’t afford. Many good, smart, and trusting people are being taken advantage of in this way.

Do’s:

• Make sure you can afford to pay this loan.
• Shop around. Find out what other lenders are charging and compare for the best offer.
• Get pre-loan counseling.
• Hire a real estate attorney.
• Read all the documents before signing them.
• Have all costs and services explained to you.
• Ask if you qualify for a less expensive loan before accepting a high-fee mortgage or loan.

Don’ts:

• Don’t allow yourself to be pressured into any deal.
• Don’t believe any salesperson who says you have no other options.
• Don’t respond to hard-sell tactics.
• Don’t sign documents with black spaces.
• Don’t agree to inflate your income or provide other false information to qualify for a loan.

Reach out for help. It’s FREE:

Call 311 and ask to speak to a foreclosure counseling specialist at The Center for New York City Neighborhoods. Their 30 program partners can provide free legal services, housing counseling, education and foreclosure intervention services. It costs you nothing and can save your home.

Press Release: MAYOR BLOOMBERG AND SPEAKER QUINN JOIN THE CENTER FOR NYC NEIGHBORHOODS TO AWARD NEW GRANTS TO HELP PREVENT MORTGAGE FORECLOSURES