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  1. #1
    Join Date
    Mar 2006
    Philadelphia, PA

    EVERYONE with questions regarding mortgages should read this

    Use common sense when dealing with mortgages. We all know that this is still a hot market. Hot markets bring fraud right along with it.

    I am sure you get a ton of canned email spam regarding mortgages. Delete them. If you are in the market for a mortgage, I would check the actual email address the message is coming from. If it says bonnie@allsex4u.com............. obviously thats not a legitimate email. If you get something from bonnie@yourlocalmortgagecomany.com.......... obviously that looks a bit more legitimate. If you are still curious, take the yourlocalmortgagecompany.com......... and put it into your web browser. See what kind of website you are taken to. That should hopefully validate whether its a legitimate company or not.

    Furthermore, if you are in the market for a mortgage, filling out online loan applications with companies that will give you 4 free offers might not be the best way to spend your time. If you are in PA, you have no way to tell if the companies calling you are in PA, or California, or Alaska. Dealing with more local companies is always going to be ideal, since you arent dealing with the different time zone factor. But, more importatly, a more local company is going to be more familiar with your real estate market, which is a definate bonus.

    Let me fill you in in something.... when you fill out that online form, your information is going out to companies who PAY money for your information. With the going rate on mortgage leads anywhere from $30 +, you better believe that when a mortgage broker or lender gets you on the phone, you are going to have those bad apples who will tell you whatever you want to hear to lock you in with their company (trust me, when I was in the business, I lost many loans because of such nonsense). Of course, at settlement, the loan terms could be completely different, and your lender/broker will come up with some half a$$ excuse why this happened. You have just as much luck finding a good lender by doing a yellow pages search in your area as you do filling out an online application (and once you have a few companies in mind, search your BBB for anything that might throw up a red flag). Granted it takes a little more effort than just filling out a short form on the internet..... but in my opinion, those extra couple minutes are well worth the headaches that you could have on your hands.

    So, beware. Be smart. Do your research. If something seems sketchy, research more. It makes me sick to hear about some of the things that people go through............

    Stay away from credit counseling services too. Most are not good. You would have better luck contacting your creditors themselves and negotiating payment plans. Bad credit counseling services will ruin your credit....... most people don't seem to recognize this.

    And for those of you who love those ditech commercials with the $500 flat fee mortgage...... please do your research. Just because they offer you low closing costs on a loan doesnt mean its the best rate/loan terms. Trust me, they are making up for such a low closing fee somewhere else with your loan. Should you need a more in depth explanation, please feel free to contact me.

    Its easy for me to preach all this. And I hope I dont come acrss as a jerk. But, I was in the business, and actually just got out. Feel free to contact me if you need any additional advice
    Last edited by tabithanaylor; 03-09-2006 at 07:44 AM.

  2. #2
    Join Date
    Feb 2006

    Re: EVERYONE with questions regarding mortgages should read this

    You have some good info. There is a lack of information available for the borrower to make a wise decision. If he gains some knowledge he can avoid getting "scammed". I know the brokers do not want the borrower to know how much they are making but the truth of the matter is his extra profit comes from the borrower getting a higher rate. There has to be a fair middle ground and that is why the borrower has a right to know what rate pay what fee back to the broker and what are real fees verus junk fees. If he has the knowledge he has the power.

  3. #3
    Rusted's Avatar
    Rusted is offline Gold Scams Member User Rank
    Join Date
    Nov 2005

    Re: EVERYONE with questions regarding mortgages should read this

    Got rid of my mortgage by moving three hundred miles. At first I was going to stay put but then my job went away and I was in the middle of selling and buying. Luckily, the job went away before the "buying" part. So south I went.

    Mortgages are nice to have if it's the only option but too many horror stories about balloon payments, ARMs, and some really shaky stuff out there convinced me to go the cash route with the remaining equity out of my old place.

    Also, no job at the time and really did not want to get one for awhile. Was rather burned out.

  4. #4

    Re: EVERYONE with questions regarding mortgages should read this

    I Wish I Had Read This Yesterday. I Was Doing A Loan They Wanted Me To Send The First 5 Payments And 1400. For Insurance A Total Of 5000. I Made It To Walmart But Moneygram Stopped The Transaction. Thank You Moneygram.

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