Friday, February 22, 2013

Latest Mortgage Scams


There are many ways in which you are targeted by dishonest businesses after you purchase or refinance a house.  Here are three that you should know about:
  • You receive an official looking notice that tells you to send in $89 to receive a copy of your deed, so you have proof that you actually own your house.  Do not do it.  When you purchase a house, the title company records the deed for you with the County Clerk and the Clerk will send you a copy.  You already paid for this at the closing.  If you are refinancing, rather than purchasing a house, you already have the deed from when you purchased the house.  If you ever need another copy, you can get one from the County Clerk for a few dollars.
  • You receive an official looking notice saying that you can purchase insurance to pay off your mortgage in case you are disabled or die.  Do not do it.  If you want additional insurance, call your insurance agent and get a regular life insurance or disability insurance policy.  It will be much cheaper.
  • You receive an official looking notice saying that you can save thousands of dollars by paying your mortgage every two weeks, rather than once a month.  What they don't tell you is that they are going to charge you for it.  If you want to pay your mortgage off early, all you have to do is make an extra principal payment when you have some extra money.  There is no charge for it and you will not be locking yourself into being forced to make a payment every two weeks.  If you want to make an extra payment each year, just divide the monthly payment by 12 and add that to your mortgage payment each month.
Why does this happen?  When you purchase or refinance a house, certain documents get recorded with the County Clerk and become public records, meaning anyone can see them.  There are many unscrupulous businesses who look up the public records and prey on people who don't know they are getting ripped-off. 

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

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By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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