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Buying A Beachfront House

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By : Hubert Miles    99 or more times read
It has been the dream of many to purchase a beachfront property. When you have finally made the decision, you'll likely need a mortgage to assist in the financing of your beachfront house. The mortgage process doesn't need to be difficult. Many beachfront property buyers use the internet to locate a lender with very little trouble! Here are a few tips to aid you in finding a respected mortgage lender for your beachfront house:

Ask friends, family and neighbors

If you are seeking a beachfront house in the state you already reside in, you'll be able to speak to some of the people you already know about who they used as their mortgage lender. Talk to your family and friends to see if they can refer you to someone they know and trust. You can also speak to some of the neighbors or your real estate agent for a recommendation.

Related: What To Look For In A Beachfront Home

Beware of scammers

Lenders who take advantage of borrowers are said to be practicing "Predatory lending". Lenders who charge unnecessary high fees, force borrowers into a loan they can't pay for, or use deception and lies to get customers are said to be using predatory lending practices. Carefully read your good faith estimate and review all the numbers, particularly the interest rate, load fees, points, etc. If the fees appear too high or are not what they were supposed to be, you may need to look for a new lender.

Check with state offices

Each state requires all mortgage lenders and brokers to obtain a license. In order to verify that your mortgage lender or broker is legitimate and reputable, request to see a copy of their state license or log on to the state's licensing website and search for the company online. Any lender or broker that is not licensed or has allowed its license to expire should be avoided. If the beachfront property you're planning to buy isn't located where you live, you'll need to verify the lenders license in the state where the beachfront house is located.

The Better Business Bureau office is also a great resource for obtaining information about your lender. The BBB keeps a record of all complaints that have been filed against the lender. You can review this information to gain more insight into the company's service record.

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