| It is, however, a really good idea to hire one when | | | | False information can land you in hot water and any |
| you're ready to take the mortgage plunge. A | | | | real estate agent or lender who allows you to provide |
| mortgage is a serious commitment that requires | | | | false information can land there along with you. Part of |
| serious study. You're putting your whole credit rating on | | | | what you are signing is affirmation that any and all |
| the line for 15 or 30 years and you'd best know what | | | | information you are putting down on these documents |
| you're getting into. | | | | is true. It's therefore extremely important that you |
| One of the causes of today's horrific real estate crisis | | | | verify each and every bit of information you give |
| is an unfortunate combination of home buyers unable | | | | when applying for a mortgage. |
| or unwilling to read the documents they're signing and | | | | Don't be shy about doing research on your real estate |
| sleazy operators taking advantage of this. On the | | | | agent or loan professional, and they company or firm |
| other hand, oftentimes the unwillingness of the home | | | | as well. Check for pending law suits or complaints |
| buyer to read these legal documents results in simple | | | | before you give out personal information. Make sure |
| misunderstandings which can create complicated | | | | they are a licensed professional and the company |
| problems. | | | | they keep is reputable and has the proper certification |
| The specter of mortgage fraud has reared its ugly | | | | and licenses for the business they're in. |
| head with increasing frequency these days. Taking the | | | | Ask about commissions or compensation. This is |
| time, however tedious it may be, to read the | | | | information that the lender or agent may be reluctant |
| documents, every page of the documents, carefully | | | | to disclose, but you have every right to it. Sometimes |
| and make sure you absolutely understand the terms | | | | the compensation is a percentage of the interest rate |
| and conditions of your loan can save you headaches | | | | you will be paying and this may tempt the broker to |
| and heartaches down the road. Sometimes, a | | | | work toward a higher rate. |
| borrower feels pressure to scan and sign, putting his or | | | | All told, it's best to take your time, do your research, |
| her trust in the lender. This is how people are caught | | | | and read the documents. Hand them off to a lawyer if |
| up in fraud, though, and the borrower, if he or she feels | | | | you have trouble with "legalese". It's sometimes better |
| pressured, should have second thoughts about the | | | | to shell out the lawyer's fee now than shell out much |
| integrity of the lender. | | | | more in penalties, late fees, or inflated interest rates |
| You are entitled to a copy of all loan documents, and | | | | later. Weigh all the options, and needs to ascertain the |
| the copy and original must match exactly. The | | | | best choice for you. Move forward with your |
| obligation of the borrower lies with the original | | | | mortgage the safest most legally beneficial way |
| documents, so it's important to compare the two and | | | | possible. |
| make sure they agree. | | | | |