Signs to look out for mortgage broker scams in San Antonio
Securing a mortgage is no mean task due to the many processes that you must go through to hack it. That is why many homebuyers in San Antonio prefer seeking the services of mortgage brokers, who can assist them get the best mortgage deal in the market. Nevertheless, not all mortgage brokers that you find in the market are good at what they do, there are some who use tricks in order to rob off your hard earned cash. That is why you need to be on the lookout, so as not to fall for their tricks. Below are some of the signs that should raise a red alert whenever you come across a mortgage broker with them.
Charging low prices
Many mortgage brokers understand fully well that mortgage borrowers are easily lured by low prices. That is why you will find them purporting to offer their services at very low prices so that you can fall for their tricks. Mortgage broker is a career just like any other and therefore, you must be prepared to pay a good amount of cash for their services. In case your broker claims to charge very low prices for their services, this should raise your alert as you may be dealing with a fraud.
Failure to mention fees
Majority of the mortgage broker frauds will never mention the fees that they will charge you for their services. They wait until you at an advanced stage of the mortgage home loan where you cannot back out so that they can mention additional fees that you had not budgeted for. This being the case therefore, in case you find a mortgage broker that is very dodgy on the fees that they will charge you, then run for your dear money as that might be a potential fraudster.
Willingness to change numbers
In case you have a bad credit and you are in need of a home, your mortgage broker may suggest that they can help you bend the rules and change your numbers, so that you can qualify for a mortgage. This is a very serious offense and even if you are offered the mortgage, you will not be in a good position to service the home loan. In case your mortgage lender suggests that you should change your financial numbers, then it is about time you divorced all your engagements with them.
Not listed in central registration depository
It is a requirement for reputable and highly qualified mortgage brokers in San Antonio to be listed in the central registration depository. In case you find out that your mortgage broker is not listed while doing your research, then you might be dealing with a potential mortgage broker fraudsters.
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