How can you protect yourself from home mortgage refinancing scams?
Follow these guidelines:
Guideline 1: Comparison shop! By comparing rates and services, you can easily spot a scam artist who is trying to force you into a high rate mortgage. Also, avoid any “lender” who insists you have no other options than his or her service!
Guideline 2: Never agree to a loan beyond your means! If you cannot afford the monthly payment, you will end up losing your home and have all the heartache that comes with foreclosure.
Guideline 3: Do not agree to a loan offer from a door-to-door salesperson/telephone salesperson. Legitimate lenders simply do not operate that way.
Guideline 4: If a “lender” applies very high-pressure tactics, leave. You are in the presence of a Refinance scam artist. Ethical lenders do not use such tactics.
Guideline 5: Before closing on a loan, get copies of all documents before closing, and review them carefully. If you do not understand them, do not sign until you do.
Guideline 6: Never sign any mortgage document that has blank spaces! After you leave, a Refinance scam artist will fill in information that will end up hurting you financially!
Guideline 7: Know the law! You have the legal right to cancel the loan up to three days after the closing. This gives you the opportunity to get out of a bad deal!
Call me for more information 909-920-3500 or check my Website for more Helpful blogs.
Teresa Tims is President of TDR Mortgage in Charming Downtown Upland CA. She prides herself in offering quality home loan products, competitive pricing and knowledgeable assistance when helping her clients select a home loan. Teresa is a life-long resident of the Inland Empire.