A mortgage loan can be crucial for financing new home purchases, refinances, property investments, and more, but like with anything, there are those out there who will try to take advantage of you. In this video, we discuss three of the most common scams to be aware of when applying for a mortgage.
If you are looking for a mortgage here are 3 scams to look out for!
The Phishing Scam
Watch out for emails or phone calls pretending to be your mortgage lender. They may ask for personal information or your login credentials. Never provide sensitive information over the phone or through email. Instead, tell them you will call back on a verified number.
The Advance Fee Scam
Beware of any mortgage company who asks for up-front fees before they will start working on your loan. Legitimate lenders do not ask for payment before they begin the loan process.
The Bait-and-Switch Scam
Some unscrupulous companies promises one interest rate, but then switch to a higher rate when it is too late for you to change lenders and still close your loan on time. Make sure to get a Lender’s Estimate showing your locked rate.
It’s important to work with a trusted loan originator. Our team here at Amerifund has over 50 years of experience and is dedicated to helping you navigate the mortgage process. Check out our reviews online. We are here when you need us.