How to Identify Theft by Mortgage Companies
- 1). Select a real estate professional that you trust and that is highly recommended. Look into courses offered by HUD that are for home buyers. When picking a real estate agent, make sure that you check references and get the advice of local real estate agent associations. This will help you get a professional you can trust and who understands the local market. Several real estate agents handle the sale from beginning to end, and may be able to identify a questionable practice by the mortgage company.
- 2). Formulate a budget with that real estate agent. Make sure it is a budget that provides a level of comfort. Once that budget is decided upon, do not deviate from it. Doing so will get you out of your comfort zone and will make the experience less enjoyable.
- 3). Shop for a lender to get the mortgage to purchase the house you choose. Select a few potential lenders. Explain to them you want the best deal. Compare the paperwork they give you and ask questions of each of the companies if there are differences. Go with the company that gives you the best deal. If the companies know they are in a competition, they will be less likely to slip fees in and add an expense; they know another company is watching what they are doing.
- 4). Read all the documents and have them reviewed by a professional. Attorneys with real estate experience are an option, but they can be expensive. HUD provides house counseling agents that can help review documents to make sure the loan is in order.
- 5). Sign the documents -- but only if you understand them. Don't sign documents that are blank, and don't state the terms you agreed to or papers that state a higher price than you are comfortable paying. These are signs that the mortgage company may be trying to steal from you.