Consumer Protection Tips For Home Mortgages

 

CONSUMER PROTECTION TIPS FOR HOME BUYERS AND SELLERS

 

HOME BUYERS

Check your credit report for accuracy and completeness.

Buyers with inaccurate information on their credit report may have a hard time obtaining financing, or be offered loans at higher-than-market interest rates. The Fair Credit Reporting Act gives consumers the right to a free credit report from each of the three nationwide credit reporting companies every 12 months. Visit https://www.annualcreditreport.com to request a report.

 

Use the Internet wisely.

NAR research shows that 88 percent of all recent buyers used the Internet to search for homes. Not all real estate Web sites are created equal, however. Buyers who provide personal information online to be referred to a network of real estate professionals are, in effect, authorizing the owners of that site to sell their information to third parties.

 

Many buyers use the Internet to research mortgage lenders. Be careful when sharing financial or other personal information over the Web  predators can steal this data and the users identity. Realtors® can refer buyers to reputable, reliable lenders.

 

Educate yourself about mortgages and mortgage fraud.

Many mortgage products are available in today’s market, but not all of them work for all buyers. NAR warns consumers against exotic loans and predatory lending practices that can poison the home buying process and trap unsuspecting borrowers into years of financial hardship. Visit Shopping for a Mortgage Do Your Homework and consult a Realtor® to learn about different financing options and their implications over time.

 

We all know about the recent mortgage fraud that has created the mess we are all in now. Unsuspecting home buyers who aren’t familiar with an areas property values can be victimized by scam artists who have bought a property at a bargain-basement price and have made minor cosmetic changes to sell the home for much more than it’s worth. People with blemished credit can also fall prey to unscrupulous individuals who pose as real estate agents or mortgage brokers, offering promises of a new home and mortgage qualification. These buyers end up assuming a loan they can’t afford, and the lender forecloses.

 

Call someone you know for a referral if you are not sure who to call. We would be glad to refer any of our service providers that we have had good experience with.

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.