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7 Ways to Protect Yourself Against Home Loan Scammers

12 min read
home loan scam

Owning a home is the dream of most people, and this unfortunately also makes it possible for a whole cottage industry of scammers in the home loan industry to exist. You have to fully prepare yourself for the tricks and traps that these scammers come up with. We have some tips for you here today on how you can protect yourself from some of these scams. We want you to avoid these scams, and we want you to be able to check out something like Victoria House and land packages by Darren Walters and daydream about your future home without having to worry about scams.

Do Not Wire Money To Someone You Don’t Know

You may not believe it but there are still a lot of people who wire money to people that they do not personally know instead of focusing on sure-fire ways to continue wealth such as setting up Trust loans to beneficiaries. It is one of the oldest scams in the book. A scammer will convince someone that if they just wire a certain amount of money to them that they can get them set up with a reasonable home loan. This is never something that you should agree to do. You will never see that money again and the loan that they tell you is coming never will.

Avoid Handing Over Financial Information To An Unknown Source

This basically goes hand in hand with the idea that you should not wire money to unknown sources. You also shouldn’t be in the business of giving your personal financial details to a business that you cannot completely trust. Don’t click on some kind of pop-up ad on the Internet or anything else of this nature. That is just asking to have your information stolen. You should only give over these details to a company that you know is legitimate.

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Watch Out For Too Good To Be True Offers

An offer that has an interest rate or terms that are far lower than what is offered as a national average is probably an offer that is fictional. This could be an offer that is made up by a scammer in order to try to draw you in. They just want you to believe that you are a lucky individual who has found a wonderful deal in order to draw you in. Do not fall for this. Anything that seems like too good of a deal to be true probably is.

Charging You In Advance

Companies that claim that they need to charge you for something in advance are companies to watch out for. There is not reason why a legitimate business would need to have you fork over funds ahead of time to get a loan from them. Make sure you keep this in mind and simply don’t do business with them.

Be Leery Of A Company That Doesn’t Check You Out Enough

This may sound a little counterintuitive but the fact remains that you should be wary of any company that does not want to look into you and your credit at least to some extent before you get a loan from them.

A legitimate home loan operation wants to know that they have a good chance of being paid back on their loan. The best way to give them the confidence that they will in fact be paid is to show that you have a good credit score. If a company is moving too quickly and trying to just get you to sign on the bottom line very well could be a scam.

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Read Reviews From Others

The Internet helps us get in touch with others who may have taken out a loan from a variety of companies in the past. They can give their review and opinions about how the lender treated them. It may help you to make a decision about if you want to move forward with any particular lender or not. Remember that reviews can be very biased so you should check into the reviews carefully as well.

Only Make The Deal When You Are Completely Comfortable

At the end of the day the best way to know that you are avoiding a scam is to take all of the steps mentioned above as well as trusting your own gut. You need to make sure that you never sign any document whatsoever if you don’t feel completely confident in what you are signing. At the end of the day a home loan is a very big deal and you need to be completely confident in your decisions.

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