If you already live in Miami, some of the people you know in the state may have used a Miami Mortgage Lender online when they financed their home. Ask around among close friends and acquaintances to see if anyone can make a personal recommendation. Check with colleagues, family members and neighbors, too. A referral like this is often a good way to hear about the good–and bad–experiences people have had with various online mortgage lenders.

All Miami Mortgage Lenders and Brokers should be licensed with either The Miami Department of Real Estate or The Miami Department of Corporations. To help ensure your Miami Mortgage Lender is legitimate and reputable, check with these agencies to see if your lender is licensed. Avoid any lending company that is not licensed or has allowed its license to expire.

“Predatory lending” is a term generally used to describe any lender that is trying to take advantage of the borrower. Examples include charging high, unnecessary fees, pushing borrowers into a loan they can’t afford, or using lies and deception to obtain clients. Carefully review all fees and charges–your lender is required to give you a “good faith estimate”–plus the fine print, like loan terms and prepayment penalties.