Don’t Get Caught in a Mortgage Scam
Buying a home is a long and complicated process, and scammers want to complicate things even more to capitalize on the confusion. Mortgage scams are growing increasingly prevalent and can be difficult to detect. Here’s what you need to know about
What’s a mortgage scam?
Mortgage scams are designed to deceive individuals who are involved in the mortgage process, including homebuyers, lenders and existing homeowners as they seek refinancing. These scams exploit the complexity of mortgage transactions, possible inexperience and the emotional investment people tend to have in their homes.
Types of mortgage scams and how they play out
There are several variations of mortgage scams:
Avoid mortgage scams
Follow these tips to avoid falling victim to a mortgage scam:
Mortgage scams are a significant threat to those seeking to buy or refinance a home, or to lower their mortgage payments. Follow the tips outlined here to stay safe.