Mortgage fraud is on ascent today in housing market. In real estate, where frauds and scams were few, have now grown to high levels. Both buyers and sellers are facing this problem. It has created many financial damages in the lives of many home buyers and owners. Two parties are highly targeted for home mortgage scams: first time home buyers and seniors.
Mortgage frauds includes many fraud scams. Most of these scams revolve around increasing the value of house far more than its actual price. The following tips will show you how you can recognize and avoid these scams:
Be Wary of Investment Opportunities
One should be aware of investment properties which offer ‘cash back at closing’ or ‘no money down’. Be aware of all adjustable mortgage interest rates. You should thoroughly understand what the other person is offering. Completely understand what this means before you choose the route. If you are afraid and want to avoid any scam or fraud then choose Dubai Creek Harbour Property for Sale.
Check out the Documents
Make sure you read and understand every word written on your contract. If something is not clear, ask them. But along with property, inspect the documents completely that you are asked to sign.
If you found that any document is blank or contains some inaccurate information, don’t sign. Double check that your price is not over-stated. Check the source of your down payment is correct. After you are fully contented, then sign the agreement.
Don’t Feel Pressured or Rushed
Don’t let any lender borrow more money than you need or can afford. Don’t feel pressured or rushed. Make sure to take your time. Avoid borrowing any money that you can’t afford or pay back. Don’t let anyone trap you. Be aware of your needs.
Have Your Own Real Estate Agent
Make sure to have your own real estate agent. The best way to avoid scam is to hire your own agent or a bank official who can validate if this price is real or inflated. Scammers hesitate to play with professionals. But if you are a new home buyer, pay extra care towards this issue. Dubai Creek Harbour Property for Sale is free from all scams and frauds.
Best Credit and Financial Counselling
Lastly, make sure you get the best credit and financial counselling. Go to home buying classes. Attend real estate financing workshops or seminars. Brush up on you real estate and mortgage learning before buying or selling a property. In this way you can avoid pitfalls. You will be able to differentiate between good and bad. Proceed slowly and cautiously.