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Mortgage Loan Rip-Off – The New Scam

Here is a brief description of mortgage loan rip-off for the uniformed. Despite mortgage loan rip-off having varying descriptions, the typical loan of this type usually contains bogus points, fees and provisions stuck to the client – you.

Mortgage loan rip-off occurs chiefly in the sub-prime mortgage market, where most borrowers are qualified principally by the collateral in their homes for debt consolidation or other consumer credit purposes. Due to this, many borrowers can be manipulated into a loan that fools them into thinking is actually beneficial.

In some cases, customers can receive a sub-prime type of mortgage through “steering” in which lenders will ignore your good credit and “steer” you to a sub-prime version with all the “bells and whistles {High rate, high points prepayment penalty, the works} – all to generate a higher commission.

In addition, rising amounts of greedy and aggressive lenders hock their wares to clients who are in a financial pinch – people that are behind on their mortgage payments, or need cash out for problems. Rather than take a long-term view, which means helping the client and being rewarded with referrals, these mortgage companies take the “quick buck” route, and put the consumer into an excessive rate, excessive fees loan to service their own short-term goals.

Mortgage Tips – Things to keep in mind

The dishonest activity by the mortgage companies has resulted in 9.1 billion dollars homeowners have lost due to predatory lending and mortgage loan rip-off. You see, if the mortgage company catches you sleeping, you run the possibility of being overcharged on your mortgage loan with a higher than deserved interest rate, complete with higher than normal costs and stringent conditions.

On top of this, the almost one-quarter of American families who get sub-prime loans find them crammed with terms such as prepayment penalties, limited income documentation, and no escrow for property taxes and hazard insurance.

Bearing the above facts in mind, don’t make a move until you receive the best advice for your mortgage needs. Your proper selection of a mortgage loan need not be an expensive hit-and-miss proposition.

Mortgage Secrets Exposed! – Explaining the Process of Mortgage Loan Rip-off

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