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Tips to Protect Yourself from Fraud when Refinancing a Home

TIPS TO PROTECT YOURSELF FROM FRAUD WHEN REFINANCING A HOME Mortgage fraud can happen to anyone at any time. People who are on the verge of losing their homes try desperately to refinance so they can obtain lower, more affordable payments. Unfortunately, not everyone who offers bad credit mortgages is a legitimate lender. Here are some tips to protect yourself from fraud. CHECK REFERENCES People often get so caught up in trying to find a bad credit mortgage to save their homes that they forget to do their checking. If a company offers you a mortgage deal, be sure to contact friends and family. Look up the company name on the web. Ask your loan officer to see credentials. Things that seem too good to be true sometimes are, and it is better to find this out early on than after you've signed your identity away. DO YOUR OWN ASSESSMENT Some companies will offer private home loans but fail to point out that they want to charge you much more for the mortgage than your home is worth. Never take a lender's word for the appraised value of your home. Check with tax assessors www and real estate agents to discover your home's actual value, and make sure that your lender offers you a reasonable mortgage amount and rate. Otherwise, that lender is trying to scam you. CAREFULLY READ LOAN AGREEMENTS All too often, credit mortgages will add clauses to the loan agreement that throw you under the bus. If you sign your name to those agreements, you are legally bound to adhere to them. Read your providers of bad AGREEMENT loan documents carefully. Even better, hire a lawyer to read your documents through. This way, you can make sure that your poor credit mortgage in Barrie is fair and affordable. NEVER BORROW MORE THAN YOU CAN AFFORD Illicit lenders often try to coerce you YOU WANT TO BORROW $50,000 into borrowing more money than you really need. For instance, if you want to borrow $50,000 to pay for college, but your lender tries to push you to borrow $80,000, there is probably something very wrong. A legitimate provider of bad credit mortgages will never try to make you borrow more than you need. An illicit lender will, because they are CREDIT $80,000 k ANE trying to "sweeten the deal" to suit their motives. DO NOT BE COERCED INTO GIVING FALSE INFORMATION In some cases, a lender may actually be a legitimate lender with an ulterior motive. For example, let's say your agent works for a big bank and makes a commission on every loan he processes. He may ask you to lie and say you make more money than you really do, or he might ask you to "fib" a bit on the amount you pay for things like utilities. Never, ever fall for this – it only pads the loan officer's pockets and it will end up hurting you in the end. If you need a bad credit mortgage , take the time to research your options. Choose a company with a great reputation and thousands of satisfied customers, and never, ever give your personal information to a company that you do not trust. SOURCE: - 866-342-5099 – Affordable Second Mortgages in Toronto & GTA

Tips to Protect Yourself from Fraud when Refinancing a Home

shared by usefultips on Dec 03
Unfortunately, not everyone who offers bad credit mortgages in Barrie is a legitimate lender. Here are some tips to protect yourself from fraud.




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