Category Archives: Lender do’s and don’ts

Common Mortgage Scams and How to Avoid Them

February 4, 2014
By: cometrealty

During the recent housing crisis, scams became quite common. Here are some typical hoaxes, and advice on how to avoid being duped. 1. The Savior ScamIf you’ve ever been on the brink of foreclosure, you’re already well aware of the flood of letters, emails and phone calls you’ll receive offering to help save you from your situation. When homeowners fall behind on mortgage payments, the lender files a Notice of Default, making the mortgage troubles (and property address) public record. This makes the homeowner easy prey for…
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Advantages of Pre-approval

June 29, 2012
By: cometrealty

The housing market is warming up in many areas, with multiple offers becoming more commonplace. Buyers who want an advantage in the bidding process will need more than a mortgage prequalification – they will need a pre approval. Making sense of the story The differences between mortgage prequalification and preapproval are significant. Prequalifying for a mortgage is based solely on what a borrower discloses to the loan officer or broker about his/her earnings, credit score, and total assets, including what is available for a down…
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Getting Ready to Buy a Home? Lender Do’s & Don’ts

November 29, 2011
By: cometrealty

There are 4 things you should avoid doing prior to submitting a loan application, or during the loan process, according to Kevin Hauber of iMortgage. Any one of these things can greatly impact your ability to qualify for a mortgage loan, so it is critical to avoid doing any of these until AFTER your loan has closed escrow. DO NOT PAY OFF BILLSYour loan officer will advise you if it is necessary to pay off bills to help you qualify for a loan. They will…
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