Fusion 360
Getting roped into a bad mortgage by fraud mortgage companies is becoming increasingly popular. People are finding that their identities are being stolen more frequently and their loans are proving to be more harm that not. Here are a few signs that a mortgage is bad.
Being honest and truthful when it comes to money, both borrowing and reporting, is crucial. If a lender is telling their client to move around their income and other numbers, then they are bad news. Leave immediately.
Do not listen to companies who try to get their clients to borrow more than they need. Only ever ask for what is needed for the house. More money borrowed means more interest paid!
Go into the mortgage companies with a set number. What it will take to pay the mortgage, an emergency fund and other bills. Do not move from this number and leave if they try to say that income does not matter for a loan.
Good mortgage companies give their clients the mortgage documents and have them read over them. If the lender says this is not crucial or does not provide them enough, then find another lender.
If the lender promises a certain set of terms at application then changes at the time of signing ask for an explanation. Do not let them bully you into something that does not fit the stated terms.
Never ever sign a blank form. Always ask to see the form and read it over carefully before signing. If the companies ask this of their clients they are bad news.
Always ask for copies. If the mortgage lender does not oblige, they are probably trying to hide something. Insist that they comply. Having these signed copies of documents and terms will be necessary if there is ever a problem.
The biggest mistake people make is giving their lender blind faith. Ask questions even if they seem dumb or rude. Mortgage companies want to help their clients be as well learned on their finances as they can be. If they refuse to answer they are probably hiding something.
Ciera Putnam is a finance writer. Information provided by Castle & Cooke Mortgage (NMLS #1251). Ciera writes for Fusion 360, an advertising agency in Utah. Find her on Google +
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