HOW TO AVOID DISREPUTABLE MORTGAGE LENDERS

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HOW TO AVOID DISREPUTABLE MORTGAGE LENDERS
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• While the majority of Canadian lenders do their
  best to protect the consumer, remaining within
  the confines of state and federal laws, and
  adhering to real estate law and ethics, an
  unscrupulous minority of lenders exist who make
  it their objective to target the uninformed.
  Knowing reputable lenders from predatory ones can
  help you avoid getting involved in a scam and
  potentially losing a lot of money.
• Here are some signs that could point to a
  predatory lender

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• The individual has a pre-planned spiel
• You can usually tell when someone has simply
  rehearsed their spiel and is bent on repeating it
  to every potential customer. Uninterested in your
  reaction and not asking any questions of you,
  they keep on talking at you, rather than to you.
  This isnt always easy to spot, and some scammers
  are better at it than others, but if you do spot
  it, steer well clear!
• They pressure you to sign up
• Its important to remember that if youre
  refinancing your mortgage, you have three days to
  change your mind, by law. Immediately locking
  your loan rate may not be required, so if youre
  buying a home and getting a purchase loan, be
  sure to ask what the penalty will be if you dont
  immediately lock the loan rate.

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• Bad credit? No problem!
• Sadly, bad credit is always a problem when it
  comes to a mortgage loan, and any lender offering
  you a solution irrespective of your poor credit,
  will likely not give you an attractive rate and
  are known as subprime lenders.
• White lies on your mortgage application are
  encouraged
• NEVER sign blank documents, no matter what the
  lender says, and NEVER make false statements on
  your loan application, it simply isnt worth it,
  and mortgage fraud is a serious offense
  punishable by the FBI. If a lender encourages you
  to be untruthful on your application, choose
  another lender.

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• Youre pressured to accept something youre not
  happy with
• You dont have to be a financial expert to know
  when youre being asked to pay too much in
  monthly mortgage payments, and if you dont feel
  comfortable with the amount being proposed, and
  are being pressured to accept it, dont agree to
  it and seek advice elsewhere.
• They tell you nobody else will ever consider you
  for a mortgage loan
• This probably isnt true, and a consultation with
  a reputable mortgage lender will prove it.

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• When the time comes to sign, your fees are not
  the same
• There may be an honest explanation for the change
  in fees at the time of signing, but if youre not
  happy with what they tell you, or an explanation
  simply isnt offered, walk away and if you need
  to, consult with a lawyer.
• Working with a trustworthy mortgage broker in
  your area is one way of ensuring that you never
  sign up for a loan with a disreputable lender or
  scammer.

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• Red Key Mortgage is located in Calgary, Alberta.
  We are a boutique brokerage with high volume
  serving hundreds of clients locally and
  nationwide every year. We have a number of
  associates dealing in mortgages as licensed by
  the Real Estate Council of Alberta. As the best
  mortgage broker in Calgary, Red Key Mortgage,
  will provide all of your available options from
  the entire mortgage market and allow you to make
  an educated decision where you'd like your
  mortgage to go. Red Key Mortgage works with big
  banks in Canada, as well as over a dozen other
  AAA lenders. Best of all, our services are paid
  for by the lenders at no additional cost to our
  clients. If you are looking for a Calgary
  mortgage broker, contact us today! We can't wait
  to get started.