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Top 10 Ways to Avoid Loan Fraud
Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Below you'll find the top ten ways to avoid becoming a victim yourself. 1. Take your time and shop around. You should be able to compare prices and houses. If a lender or broker tells you they are your only chance to get a loan or owning a home, don't do business with them. 2. Do not sign a sales contract or loan documents that are blank or that contain information which is not true. 3. Be certain that the costs and loan terms at closing are what you originally agreed to. 4. Do not be talked into lying about lie about your income, expenses, or cash available for downpayments in order to get a loan. 5. Watch out for higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties. 6. Be careful about disclosing things like your need of cash due to medical, unemployment or debt problems. You are very vulnerable in these cases. 7. Don't strip your home's equity by refinancing again and again when there is no benefit to you. 8. Beware of false appraisals. 9. Do not let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property. 10. Get several quotes from multiple brokers or lenders so you know you're being charged a fair interest rate based on your credit history, not your race or national origin. About The Author David Brumbaugh is the owner and operator of EZandFree.com, which provides consumers with online tools for easily obtaining free competitive Mortgage and Loan Quotes. It also serves as a mechanism by which Mortgage Brokers can obtain legitimate qualified leads from people who need their services. Terms of Use Copyright 2004 David E. Brumbaugh. All rights reserved. This article may be published in your newsletter or web site. It must be reproduced in its entirety including the biography and web address.
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When the Bank Says NO! Factoring has been practiced for centuries. The Romans sold promissory notes at a discount as did the Phoenicians. What is a Home Owner Loan? A UK Home Owner Loan Can Unlock Your Capital To Use Today.Unlock the value tied up in your property with a great value secured Home Owner loan. A Brief Look At Various Types of Loans Available A Brief Look At Loans "Innovative financial packaging" is how it is sometime known. Essentially what this means is that financial institutions look for more and more ways to lend to their customers - after all, charging interest on a debt is the main way that they make their money. Unsecured Loans: The Lesser Known Sibling Of Secured Loans What is man's greatest invention?Some of the latest gizmos would immediately crop up in our minds as the most probable of the answers. But do these gizmos really deserve the veneration that they receive. 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This is a common experience for many people who make auto purchases. Benefits of a Home Improvement Loan Some of the many benefits of a Home Improvement Loan are outlined below. Home Improvement Loans are ideal if you need more space but cannot afford to move house. Business Loans from Family - A Good Idea? Can I Ask my Family for a Loan to Pay Off my Debts? Debt has always had a degree of shame attached to it and admitting to having problems with debt is like saying you don't know how to handle your own affairs. Some people may get into a situation where unless they get immediate financial help there is a possibility of losing their family home, or their business. Personal Loans and Lines of Credit Personal LoansNormally, a personal loan is unsecured meaning there is no collateral. When you obtain a personal loan, you borrow an amount of money for a set period of time and pay interest on the outstanding principal balance. 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