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Don't Borrow Trouble

Most mortgage lenders and brokers have their customers' best interests in mind but there are some who may try to take advantage of consumers by using "abusive" or "predatory" lending practices. Understand the benefits of informed consumers – the more homeowners know, the better they can protect themselves and ensure they get the best mortgage for which they are qualified. The Don't Borrow TroubleSM campaign can arm homeowners with the information they need to protect their home.

What is Predatory Lending?

"Predatory lending practices don't just undermine individual families. They undermine entire neighborhoods. Don't Borrow Trouble will help people make financial decisions that result in long-term homeownership and allow them to build equity in their homes."
Leland C. Brendsel
Chairman and CEO
Freddie Mac


Although predatory lending is not defined by federal law, and states define abusive lending differently, they usually involve practices that strip equity away from a homeowner. Predatory or abusive lending practices can include:

Repeatedly refinancing a loan within a short period of time and charging high points and fees with each refinance.

"Packing" a loan with single premium credit insurance products, such as credit life insurance, and not adequately disclosing the inclusion, cost or any additional fees associated with the insurance.

Charging excessive rates and fees to a borrower who qualifies for lower rates and/or fees offered by the lender.

A loan product or lending practice may not seem predatory until compared with a similar loan product offered by other lenders. The situation may not seem abusive until when everyone gets to the closing table. If any fees or charges differ from what was previously disclosed, delay the closing until all terms of the loan are clearly understood.

How Can I Avoid These Practices?
Do the homework! Shop around and compare different lenders' products. Ask for written estimates that include all points and fees.

Avoid solicitations for loans that sound too good to be true. If it sounds too good to be true, it probably is. If a solicitation is really interesting, get it in writing!

Use a home's equity carefully. Homeowners may be able to get some cash by repeatedly refinancing their homes but they will lose equity in their homes. A loss of equity also occurs each time homeowners finance new points and fees.

Don't borrow more than needed. When refinancing, borrow only what is needed so the home's equity is protected.