koi finance
Home Improvement

How to Avoid the Common Mortgage Frauds | 2021 Guide

Losing a home might be one of the most devastating things that can ever happen to any individual. This home can be either your future dream home you’re willing to purchase or your own home where you are residing for so many years now.

Scammers and fraudsters are quite common when it comes to property dealing and mortgage with any Dallas mortgage lending company

The good news is, there are several ways you can avoid this from happening. This article is going to be your ultimate guide to avoiding common mortgage frauds so that you can be free from any scammers and cheats.

Beware of odd interest rates

Beware of those mortgage lenders who make you go towards a higher interest rate or a low-interest rate that includes prepayment penalties, or a balloon payoff.

If the interest rate seems too good to be true, then it definitely must. Here’s when you shouldn’t go for a high-interest rate that very instant.

If your mortgage lender is providing you with a very low-interest rate, then there is definitely something fishy going on. The reason why he must be asking for lower interest rates might be due to higher payments or points, that are part of the total mortgage that you will end up paying somewhere else. Therefore, you must avoid balloon payments and prepayment penalties at all costs.

Check license

Before making a deal with your mortgage lender, it is important to get referrals for real estate and mortgage professionals. Moreover, you must also not forget to take a look and dig deep into the licenses of the industry professionals with state, or regulatory agencies.

Any pressure from the lender should be considered a red flag.

Remember- a mortgage is a huge commitment, and you should have enough time to think about it, weigh all the costs, and even compare it with other home loans. In case your mortgage lenders put any pressure on you to take on a rate that is higher than you feel or you can afford, consider this as a red flag. Any pressure from the lender’s side should be a raise of concern. 

Read your paperwork thoroughly

Not being told the risks of an adjustable mortgage rate is a big red flag and a common way to scam homeowners. 

You must always read all the paperwork carefully, and also know how much you will have to pay in the future. Remember, this is your legal right to know. In case your mortgage lender stalls or refuses to let you know about the future costs, walk away.

Never sign documents with blank fields

When working with documents, you must never provide your signature that contains any blank lines. This is because missing content is more of a telltale signature of a mortgage scam or fraud.

This is why you should consider spending an ample amount of time to evaluate any document you are provided with, in order to ensure there are no blank lines that a fraudulent mortgage lender may fill in later with false information. Besides that, in case anyone tells you that you can fill in a particular part of a document later on, don’t believe them.

You must ensure to read and review all of your documents that are signed at closing, to make sure there are no other contractual obligations added. Remember, if you don’t understand any part of the document, don’t sign it. Connect with an attorney who can help you to review all these important documents for you.

Run background checks

Make sure to run a background check on your mortgage lenders. This is because most scammers and fraudsters make themselves appear as if they are affiliated with a government agency. 

They do this in order to trick loan borrowers into believing they are entities to the benefit of a government program, committing to a home loan that must be repaid. Therefore, apart from conducting background checks, you must also carefully assess and determine the names. Seals, and logos made by your mortgage company.

Never give money upfront to a non-lender

This is another common scamming technique fraudsters use. Beware of any individual or company that asks you to pay upfront as a fee to negotiate or process a loan or other lending products.

Beware of those who ask you not to consult your lawyers

Remember to never work with those people who ask you not to consult your lawyer or credit housing counseling. The idea here is to make you steer clear of those people who will help you make smart financial decisions. The wisest thing to do would be to work with those people who you actually know of, if possible.

Lenders who ask you to lie on your application

This is another common scamming technique of mortgage lenders. Keep in mind that no legitimate mortgage lender will ever ask you to lie for anything, especially on your application.

Steven M. Drake

Steven M. Drake is a digital marketing and SEO Expert working for multiple organizations to boost their business and online presence.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
gates of olympusBakırköy EscortPendik escortKadıköy EscortBostancı EscortMaltepe Escortbonus veren sitelerdeneme bonusu veren sitelerPendik Escortokulmed.comAnadolu Yakası Escorttrwinsovabetpirobet1xbet giriştempobetjojobetcasibomholiganbet girişaviatorataşehir escortSpace Fortuna CasinoJackpot Bob Casinoİstanbul Escort Bayanroketbetistanbul escort bayanПроститутки Бишкекаcasino siteleriofansifbetligobetistanbul escortdeneme bonususahabetşişli escortküçükçekmece escortmatadorbetcasibomcasibomistanbul escortbeylikdüzü escortmariobet güncel girişbahiscomcasibomvaycasinocasibomİzmir escortBornova escortBuca escortEscort izmirKonak escortcasibom girişgates of olympus demo oynaankara escortGrandpashabetbetwoonspincoGrandpashabet1xbet twitterbetmatik twittergrandpashabet twitterxslot girişmatadorbet üyelikroketbet üyelikxslot üyelikJojobetxslot güncelgrand pasha betotobet giriş twittercasibom girişbetmabetsahabetorjinbet girişpeswinbetosferimajbetzlotcasibomcasibom1xbetcasibom güncel girişcasibomBetgitmeritkingmatadorbetcasibomgrandpashabetsahabetonwinsekabetsekabetsekabetholiganbetjojobet1xbetpusulabet girişrüyabetglobal pokerzula casinozula casino reviewbakırköy escortporn watchklasbahisjojobetzbahissekabetMarsbahismarsbahis güncel girişholiganbetistanbul escort bayanİzmit Escorthigh 5 casino real moneyding ding ding casinoimajbetvaycasinomatadorbethttps://skillfulteaching.com/https://skillfulteaching.com/https://skillfulteaching.com/fortune coins casinohigh 5 casinoİzmit Escortbettilt girişmarsbahis girişjojobet girişsekabet girişbetciohttps://skillfulteaching.com/casibom girişpulsz casino real moneybetrivers casinobingo blitzbingo blitz freeding ding ding casinofunrizefunrizemcluck casinosweepslots loginjojobetorganik hitdeneme bonusu veren sitelercasibommarsbahiscasibom girişbetwooncasibomÜmraniye Escort - Ümraniye Escort Bayanholiganbetkocaeli escortbetcio girişcasibomcasinolevantbettiltcasibomtarafbetonwinonwin girişkingroyalKingroyalsahabet girişgalabetgalabetgalabetbetparknakitbahis güncel girişdumanbet güncel girişbahsegel güncel girişkralbet güncel girişpiabetgalabetcasibom güncel girişjojobet güncel girişcasibom girişcasibom güncel girişjojobet güncel girişpinbahis güncel girişrestbet güncel girişcasinomaxi güncel girişmobilbahis güncel girişmatadorbet güncel girişholiganbet güncel girişmarsbahis güncel girişonwin güncel girişsahabet güncel girişsekabet güncel girişmatbet güncel girişjojobetcasibomjojobetbetcio güncel girişgalabetaresbetgalabetgalabetmostbet güncel girişmeritbet güncel girişgalabetparibahisgrandpashabet güncel girişbetebet girişbetkanyon güncel girişdinamobet güncel girişvaycasino güncel girişultrabet güncel girişartemisbet güncel girişartemisbet güncel giriştipobet güncel girişotobet güncel girişfixbet güncel girişmeritking girişbetturkey güncel girişmatadorbetdumanbet güncel girişbetwoonbahiscom güncel girişkulisbet güncel girişcasibom girişmatadorbetcasibom güncel giriştrendbet güncel girişcasibom girişbetparktrendbetcasibommarsbahis güncel girişmatbetcasibom girişbaywinonwin güncel girişmatadorbet girişbahiscasino girişselçuksportsjojobetjojobet güncel girişjojobet girişhttps://www.nightingaleseldercare.com/https://www.nightingaleseldercare.com/house of fun slots casinosportzinocashman casinocashman casinopusulabetimajbet güncel girişjojobetsahabetcasinolevantcasinolevantcasinolevantcasibomsahabetbeylikdüzü escortgalabetParibahisextrabet legendz casino bonusMeritkingMeritkingjojobetjojobet giriscasino siteleriBetzulacarnival citi social casinothe money factorycaesars social casino logincashman slotsspree casinospree casinospree casino loginluckybird casinomoonspin casinomoonspin casino no deposit bonusslot madness no deposit bonuscash frenzyclub vegasclub vegasgrandpashabetgrandpashabetgrandpashabetgrandpashabetgrandpashabetbetwooncasibom güncel giriştao fortune casinocrown coinskickr casinokickr casino loginpop slotsmega bonanza no deposit bonusslots era jackpotcarnival citi sweepstakesnolimitcoin sweestakesplayfame casinoplayfame social casinoslotpark casinoyay casinocasibomjojobetJOJOBETJOJOBET GİRİŞjojobets
izmir escort
canlı casino siteleri casino siteleri 1xbet giriş casino sex hikayeleri oku