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How to Spot a Home Loan Scam


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Many people apply for home loans to be able to get a house of their own. However, there are shameless individuals who may take advantage and offer you with fake loans. So, be careful and don’t be the next victim!

Published in: Economy & Finance, Business
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How to Spot a Home Loan Scam

  1. 1. How to Spot a Home Loan Scam
  2. 2. Among the many aspirations people have, home ownership is probablyon top of the list. Yes, having your own home is definitely a stableinvestment and you can make sure that your money is spent onsomething worthwhile. However, because of that great desire, you mayhave a tendency to grab every chance to get home loans in Baldivis or inyour area. And because of this sheer need, there may be opportunisticindividuals who will take advantage of your situation.These days, many people rely on loans to acquire the things they want.You may be interested in getting one too but you should be extra carefulbecause mortgage fraud is very common. So, don’t be a victim andimmediately spot a scam through the following signs:Sign #1: The deal is too good to be true.If the loan products being offered by your supposed “mortgage broker”in Kwinana or in your location seem too sweet, then there is a big chanceyou are being conned. You may be enticed with really low interest ratescompared to the original terms and you’ll be thrilled by this bargain.The bad news is that in the end, you’ll be required to pay a huge amountor else, you’ll lose your house.Sign #2: The mortgage brokers make definite promises.Sugar-coated promises may sound great but if they aren’t true, you willend up frustrated. Usually, the home loan agents from a fake companywill make you believe that you’ll get your own house in a short period oftime or they can revise your loan and assure you that they can prevent aforeclosure. The real professional brokers won’t guarantee such thingsbut they will do all they can to help you.Sign #3: The company’s contact information is fake or can’t bereached.Before getting help from mortgage brokers, Rockingham borrowers andthose in other regions should check the reputation of the loan company.
  3. 3. You should give them a call first and if the numbers provided areinaccessible or nobody answers the phone, then it may mean thatthey’re bogus and they don’t want to answer any queries.Sign #4: You’re asked for some money before you can get a loan.Many scammers ask for cash so that they can start processing your homeloan in Kwinana or elsewhere. Be careful with this scheme because oncethe company or the “brokers” get the money they need, they will run offand you’ll never hear from them again.