Income Verifying income Two main methods of verifying employment income: 1. Lender sends income verification form directly to applicant’s employer, who fills it out and sends it back directly to lender.
Choosing a Loan Buyers should look at several lenders and types of loans offered by each lender. In addition to interest rates, other important criteria: loan’s overall cost (APR), lender’s lock-in policies, and lender’s competence.
Predatory Lending Predatory lending: mortgage practices used to take advantage of unsophisticated borrowers. Predatory lenders tend to target elderly or minority borrowers. Especially those with limited income or limited English skills.