It can be tempting to skim —or skip— the pages and pages of closing paperwork they present you with when you settle on a new home. But that could be an expensive mistake! Here’s one sleazy practice to look out for, especially if yours is a subprime loan: Predatory lenders sometimes add expensive homeowner’s insurance to your mortgage even though you already have insurance of your own. No doubt they are getting some sort of kickback. It’s TRUE that your mortgage lender can force you to GET homeowner’s insurance to protect their investment in your home, but they don’t have the right to make you get it from THEIR pet company. Buyer beware!
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