Welcome To Civic Mortgage Group

While most mortgage lenders and brokers have their customers' best interest in mind, there are some who may try to take advantage of consumers by using abusive or "predatory" lending practices.

At Civic Mortgage Group, Inc your respect is our highest priority. We strive to make every loan a hassle-free experience and we NEVER CHARGE HIDDEN FEES. Our business has grown exponentially as the result of satisfied customers who have gladly told their friends about their experience with us.

RECOGNIZING ABUSIVE OR "PREDATORY" PRACTICES

Although federal law does not define "predatory" lending, and states define abusive lending differently, they usually involve practices that strip equity away from a homeowner. Unaware homeowners can be tricked into taking out loans that they cannot afford to repay. Some homeowners may even ultimately lose their homes to foreclosure.

Whether purchasing or refinancing a home, or funding a home improvement, consumers must make important financial decisions. You need to know a "good" loan from a "bad" one; otherwise, you could end up paying too much, hurting your credit rating - and even
losing your home. Be sure that you are well informed and aware of all your options.

Different lenders may quote you different prices, so you should contact several lenders to make sure you're getting the best price. Look at all "closing costs", including "points" and all fees to be charged at closing. Ask about these at application. An informed consumer should not be surprised at closing.

Abusive or "predatory" lending practices can include:
--Making loans without regard to the borrower's ability to repay.
--Repeatedly refinancing a loan within a short period of time and charging high points and fees with each refinance (may be referred
to as "flipping").
--Charging excessive rates and fees to a borrower who qualifies for lower rates and/or fees offered by the lender.
--"Packing" a loan with extra charges or products such as single premium credit insurance products, and not adequately disclosing the inclusion, cost, or any additional fees associated with the insurance.
--Aggressive and deceptive marketing through the use of "live check" in the mail
--the loan has an artificially high interest rate and monthly payment in order for the predatory lender to be able to offer the homeowner an opportunity to refinance it, along with other debts, into another loan.
--Excessive prepayment penalties.
--Negative amortization - the monthly payment on the loan is insufficient to pay off accrued interest and therefore increases the principal balance, resulting in a situation where the borrower actually owes more than the amount originally borrowed.

About "Points"
Points are fees that affect your interest cost which are paid to the lender for the loan. One point equals 1 percent of the loan amount. In some
cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs. Ask for points to be
quoted to you as a dollar amount rather than the number of points, so that you will actually know how much you will have to pay.