Tag Archives: mortgage loans

 

Jul09

5 Ways to Save on Your MortgageHold Onto More of Your Money Over the Long Term

5 Ways to Save on Your Mortgage

Posted: July 9, 2013 by Rachel Shepard

Buying real estate has always been one of the best ways to invest your money and build wealth and equity. However, along with home ownership frequently comes hefty mortgage payments that need to be made each and every month. A mortgage is often the biggest debt that a consumer will have in their lifetime. The good news is that there are ways to actually save money over the term of your mortgage. Here are five ways you can do just that:

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Apr30

When Is the Right Time to Get a Mortgage Loan?There Are Many Things to Consider Before You Borrow

When Is the Right Time to Get a Mortgage Loan?

Posted: April 30, 2013 by Rachel Shepard

Applying for a mortgage loan is an important decision in a person’s life and is not something that should be taken lightly. Before you apply for a mortgage, make sure that you can afford the monthly payments. While your lender will look at your financial situation to help them decide whether or not they believe that you can afford a mortgage, only you know about your spending habits and the stability of your current job. Unless you are in a stable financial situation, you should wait before applying for a mortgage loan to avoid possible complications.

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Mar26

Steps to Getting a Home LoanObtain the Money You Need to Buy the House You Want

Steps to Getting a Home Loan

Posted: March 26, 2013 by Rachel Shepard

Buying a house is a major investment, and with the high cost of homes around the country, it usually represents a major outlay of money for a consumer. Therefore, it should come as no surprise that, according to recent statistics, nine out of 10 homebuyers finance their purchase with a mortgage loan.

If you are a prospective homebuyer and are considering applying for a mortgage loan, there are a number of things you need to know before you begin the application process. You can learn about them here.

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Aug30

Mortgage Loan Relief ScamsDon't Let Your Dream of Owning a Home Turn Into a Financial Nightmare

Mortgage Loan Relief Scams

Posted: August 30, 2012 by

For many people, owning a home represents the ultimate achievement of the American Dream. And more often than not, this achievement is made possible with the help of a mortgage loan. This type of loan allows an individual to be able to purchase a home when they don’t have the cash on hand to cover the full price of the property.

As with any type of loan, however, with mortgages sometimes borrowers can get a bit in over their heads, and it’s when this happens that people start looking for mortgage relief. Businesses purveying this service generally offer to negotiate with mortgage lenders to modify loans and make them more affordable for borrowers, or take other steps to help people facing difficulties that could ultimately lead to them losing their home.

Although there are certainly legitimate mortgage relief providers out there, unfortunately there are also many mortgage relief scammers lurking about. These operators prey on desperate homeowners struggling to make mortgage payments or facing foreclosure, and they utilize a variety of tricky tactics to make them part with their money while delivering little or no relief in return.

One common and fairly straightforward scam involves the scammer acting as a phony counselor, telling you that if you pay them an upfront fee, they’ll work out a deal with your mortgage lender to reduce your payments or save your home. Once you’ve paid them, they stop returning your phone calls and take off with your money.

The “bait-and-switch” mortgage relief scam is also well established. Here, the scam artist will give you documents they say you need to sign to get another loan to make your mortgage current. Buried in the stack, however, is a document that effectively surrenders the title to your home to the scammer in exchange for a “rescue” loan.

To avoid fraudsters when you are seeking mortgage relief, there are a number of red flags to watch out for. Avoid any business that does any of the following:

  • Guarantees that it will get you a loan modification or stop the foreclosure process — no matter what your circumstances are
  • Tells you not to contact your lender, lawyer or housing counselor
  • Asks for an upfront fee before providing you with any services (unless it’s a lawyer you’ve thoroughly checked out)
  • Tells you to make your mortgage payments directly to it, rather than your lender

Even though valid mortgage relief services exist, to help limit the possibility of falling into a fraudster’s trap, the first thing you should actually do if you’re experiencing mortgage-related difficulties is simply contact your lender right away. You may be able to negotiate a new repayment schedule with them, or perhaps get a loan reinstatement or forbearance.

If you have already attempted to get help from a mortgage relief provider and believe you’ve been the victim of fraud, contact the Federal Trade Commission at FTC.gov or the Better Business Bureau at BBB.org.

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