What You Need to Know Before You Borrow
WHEN IT COMES TO LOANS, BE SMART AND BE CAREFUL
It is Illegal for Lenders to Discriminate.
A lender's financing decision and processing cannot be based on such factors as race, color, religion, gender, disability, marital status, national origin or familial status. Discrimination is against the law in every state and the penalties are severe.
A Marketed "Low" Rate May Not Be Your Final Approved Rate.
Be careful not to get too attached to a lender selling certain types of loans at very low rates. Most published "low rates" are only available to "perfect credit" customers. Until you have a final mortgage commitment, you are simply discussing general loans and rates. Don't be fooled.
In Terms of Credit, Don't Settle for "No".
Just because your credit score does not qualify you for a particular loan at a particular rate does not mean you are out of luck. Keep shopping and keep looking. Lenders like Ameriquest have become leaders by finding ways to say "Yes" when others say "No."
It's Fair for You To Shop Around for the Best Rates and Terms.
Just as it's fair for lenders to review your qualifications, it's fair for you to compare lenders. Shop around to get the best rates and terms. Speak with local lenders and real estate brokers.
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