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Top 10 Ways to Avoid Loan FraudDavid E. Brumbaugh Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Below youll find the top ten ways to avoid becoming a victim yourself. 1.Take your time and shop around. You should be able to compare prices and houses. If a lender or broker tells you they are your only chance to get a loan or owning a home, dont do business with them. 2.Do not sign a sales contract or loan documents that are blank or that contain information which is not true. 3.Be certain that the costs and loan terms at closing are what you originally agreed to. 4.Do not be talked into lying about lie about your income, expenses, or cash available for downpayments in order to get a loan. 5.Watch out for higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties. 6.Be careful about disclosing things like your need of cash due to medical, unemployment or debt problems. You are very vulnerable in these cases. 7.Dont strip your homes equity by refinancing again and again when there is no benefit to you. 8.Beware of false appraisals. 9.Do not let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property. 10.Get several quotes from multiple brokers or lenders so you know youre being charged a fair interest rate based on your credit history, not your race or national origin.
| | | | RELATED ARTICLES 3 - Pointer by Gary Whittaker Point 1 - Red Sox Win! Red Sox Win! How Much House Can You Afford Your mortgage calculator says: probably a lot less than your mortgage banker says you can. The Perfect Book and Where to Find It! If I was asked to describe the perfect book, one that’s in high demand, moves off the shelves quickly, costs little or nothing to produce, involves the least amount of work possible, and offers multi-income streams, I’d say it included one, preferably more of the following features: Why Choose a Secured Loan One of the reasons why most people choose a secured loan is that they are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured loan; or, have a poor credit history. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan. Secured loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. Free Credit Reports From The Government The Federal Trade Commission FTC has set up a new website www.AnnualCreditReport.com where US residents can obtain free copies of their credit reports from the three major credit report bureaus Equifax, TransUnion and Experian. The FTC site was set up as part of the Fair and Accurate Credit Transactions Act enacted last December. The site was set up in an effort to help fight the increasing threat of identity theft. The credit reports must be ordered from the FTC site to get them for free. If you order your credit report directly from one of the credit report agencies sites, youll be charged a fee for the report. How You Can Avoid Becoming A Victim Of Identity Theft To reduce or minimize the risk of becoming a victim of identity theft or fraud, there are some basic steps you can take. How Much Rent is Too Much Rent You want what every apartment renter wants: the most comfortable surroundings you can get for the lowest possible monthly rent. Some of todays newly constructed apartment communities have takenluxury to an entirely new level. Some complexes have gas fireplaces, TV monitors by the front door, drive-through mail service, and office equipment for their tenants, among other creature comforts. Every renter has to consider the importance of amenities like these. Are they important enough to you to merit a rent increase of perhaps $200 more than the rent you pay now, at a modest yet affordable complex While some of us consider an apartment as just a place to hang ones hat, others place a premium on home surroundings. But how do you determine how much you can stretch your budget -- without ending up in the poorhouse in the process Small Business Tax Deductions for Year End 2004 As a small business owner, its wise to familiarize yourself with some key deductions that may reduce your tax bill for 2004. Which IRA Is Best For You An Ira is one of the greatest ways to save on taxes currently and accumulate money for the future. No Income Verification Home Equity Loan A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan.This type of loan is great for homeowners who need a home equity loan but have hard to document income. Online Loans Made easy What will it take for you to get a low interest, low payment loan The answer to that question could be an online loan from one of the many companies that specializes in granting online loans, or e-loans. Cost of Living Analyses If youve ever moved from the Midwest or the South to either coast, you realize just how different the costs of day-to-day living can vary among various U.S. cities. Many transplanted families pursue cross-country moves with the knowledge that their new hometowns will be more expensive. And many employers recognize that impending cost-of-living increase with a "cost-of-living allowance" -- a slight raise in salary so that an employee may maintain his or her current standard of living without having to tighten the purse strings upon arrival. Wealth Creation and Mortgage Planning - Two Great Tastes that Taste Great Together What if I were to tell you that almost everything you have been told about what to do with your home has been absolutely wrong and that one of the worst ways to build wealth is through your home And what if I further went on to show you that anyone who perpetuates this myth probably is not your best source for accurate financial information Home Business, Whats So Great About It Home Business allows you more time to do what you want. Understanding Real Estate Terminology Purchasing a home can be a complicated and confusing process, especially for first-time buyers.Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn. Could You Be A Workaholic If you need to put on boots and grab a lap-top computer to relieve yourself at night, you might be a redneck workaholic. What is a Bridging Loan A bridging loan as the name implies is a loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold. Should You Get A Blog A blog is a type of website. It allows the website owner to easily write messages that get posted to the site automatically, often in a journal or diary-like style. A particularly appealing thing about blogs is that your readers can comment back to your posts fairly easily, and a continuous stream of fresh conversations result. This is a good thing. New Credit Scoring Model Could Help Millions Mark and Beth, a young married couple in their twenties, established a goal to buy a home within the first three years of their marriage before starting a family.They budgeted and used their money wisely in order to save for the down payment.Whenever they purchased something they always paid cash - no credit cards for them.Why waste money by paying interest to a credit card company What Type of Loan Do You Need There are many types of loans available to consumers. There is no shortage of people willing to lend money to qualified individuals. It is a matter of knowing what you need and what is available to you. Student loans, personal loans, auto loans- all types to offer to you. In order to get the best loan that fits your needs, You can find this information by contacting lenders, or researching online. |
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