Vetting the Lender

house autum1 150x150 Vetting the LenderBEFORE buying a house, borrowers will undoubtedly do a thorough check of the property, examining its structural soundness and the surrounding neighborhood, among other things; they will research the best type of loan, comparing interest rates, terms and fees. But not all borrowers do due diligence on their lenders.

Claire Rosenzweig, the president of the Better Business Bureau of Metropolitan New York, Hudson Valley and Long Island, says that if you want to be sure a broker is working entirely in your interest, sign a contract that names that person as your agent. Such an agreement isn’t the norm, but if you obtain one, she said, it requires the broker to put your interests first.

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