Mortgage scams can be incredibly costly and damaging, both financially and emotionally. Here are five tips to help you from falling victim to mortgage scams.
1. The Offer Seems Too Good to be True
If an offer sounds too good to be true, it probably is. Be especially wary of offers that seem to promise low-interest rates, low monthly payments, or other terms that seem too good to be true. On average, a 30-year mortgage has a 5.6 percent interest rate.
2. The Lender Asks for Upfront Fees
Legitimate lenders will not ask for upfront fees. If a lender asks for any type of fee before you've even applied for a loan, it's most likely a scam.
3. The Lender Presents Fake Listings
Some scammers will create fake listings in order to get your attention and then try to get you to apply for a loan through them. So If you're not working with a trusted real estate agent, be on the lookout for fake listings.
4. The Lender Pressures You to Act Quickly
Scammers may try to pressure you into signing a contract before you've had a chance to read and understand it. They may say that the offer is only good for a limited time or that you need to act quickly before rates go up. Before you sign anything, ensure you go over it carefully and agree to the terms.
Need Help Understanding Your Mortgage Options in Florida?
If you're considering a mortgage, make sure you work with a reputable lender. And if you plan to buy a house in Florida, we can help you through the entire process. So call us today at (239) 229-1339 to get started.