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One of the risks in real estate investments is landing on a mortgage fraud. There are several reputable mortgage providers around but lengthy documents become sources of misunderstandings and could even increase risk of foreclosure. Before signing, read first on the following advices of attorneys Jeff Hogue and Jonathan Kurniadi to get you protected:
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1. Read all the pages of the document.
Never get pressured in signing the loan documents. Take your time to check on every detail of the document, even the most obvious ones. Simply missing an incorrectly printed street address can take you around a tiresome correction process.
You should be prepared to turn back when something feels uncomfortable. You do not have to feel that you need to sign the documents. Seek for housing counselors from non-profit agencies approved by HUD for some help in reviewing loan applications and documents.
2. Make sure that the original document and the duplicate have similar content before signing them. Do not forget to have your own copy.
If the copies that you receive are not the same, it is the original documents that obligate you and not the other copies.
3. Ascertain that all the information you provided in your loan document is all true. Falsification of information is not worth the risk if you simply want to get your loan approved.
Giving false information has no valid reason and may subject you to penalty. If a broker tells you to do such thing, then let him document it for you.
4. Do a license background check on your loan broker.
Take time for a background review of your broker and real estate agent before providing some personal information or signing loan documents. Find out if they have complaints or pending litigations.
5. Inquire about the earnings of your mortgage broker on your loan transactions.
This is often not disclosed but it is important to know this because their compensation may correspond to the interest rates that you have to pay on your loan.
HUD Fair Housing Equal Opportunity