Question:
What measures to take to avoid residential mortgage fraud?
Answer:Recommended measures to avoid residential mortgage fraud are to educate yourself about loan procedures and most popular mortgage frauds.
Residential mortgage fraud types:
- Equity skimming
- Property flipping
- Inflated house valuation
- Straw buyers
- Identity theft
- Mortgage rescue
- Fictitious loans
Recommended measures to avoid residential mortgage fraud:
- Regularly obtain and examine your credit report for possible identity theft money withdrawal.
- Never sign residential mortgage loan documents with blanks on them.
- Make sure you are well aware of your mortgage terms. Use real estate attorney services if you are not completely sure what you are doing.
- Examine title history of the property to avoid properties with inflated value.
- Only approach legitimate and reputable lenders for a loan.
- Do not yield to high pressure and walk off if the broker is forcing you to sign papers quickly.
Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
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Common misspellings: mortage and morgage