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Personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least $1 million.

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Red Flags Of Mortgage Fraud





Taking a mortgage is probably the largest financial transaction you have in your life, and you should pay extra attention to these potential red flags:

From CNN Money:

Remember, scammers are usually real estate insiders, so recognizing a scheme may be harder than you think. But there are some red flags you should look for.

Here's one of them: Your broker insists you use a specific lender. The bottom line here is that a broker shouldn't care what lender you choose. That's your right.

Another red flag: Lenders who encourage you to borrow more than you can afford. You should have a clear handle on what your financial comfort zone is.

You should also sound the alarm if you are not given copies of loan documents you sign. This is generally a routine practice.

And finally - don't be rushed. A loan officer shouldn't rush you through the process. Don't feel pressure to sign anything without reviewing the forms.

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