Our Real Estate Blog
Retailers aren't the only ones experiencing deep change brought on by advancing technology, particularly growing online consumer sales. Realtors and independent home buyers and home sellers are also being impacted by technological changes.
Why you shouldn't trust every mortgage deal
More people are turning to online reviews, home sale videos and temporary and permanent house Internet companies to rent, buy and sale houses. Gone are the days when people declared that they wouldn't share their banking, debit card or credit card information over the Internet.
As larger numbers of people conduct their personal business online, including engaging in online dating, concerns about sharing financial details with strangers may be decreasing. Dating scammers, fake retailers, hackers and unscrupulous reviewers aren't the only ones who are taking advantage of the unsuspecting.
Dishonest mortgage brokers are taking people's money via mortgage scams. Unlicensed mortgage brokers may advertise that interest rates on their mortgages are lower than what you'd find at a bank. They also might tell you that you're cleared for a mortgage even if you don't have money for a down payment.
Other ways that mortgage brokers scam house buyers
If you go through with the mortgage, you could end up paying more closing costs. By that time, the mortgage broker will already have your attention and perhaps even your trust. Because these brokers are great communicators, they may have an answer for each question or concern that you raise.
Protect yourself by checking mortgage brokers' licenses. Also, ask mortgage brokers for referrals. It's also a good idea to ask reputable mortgage lenders about brokers you're thinking about a buying a house through. As with many other industries, the mortgage industry is small enough on a city by city basis to allow lenders and realtors to get to know each other.
Other ways to protect yourself from mortgage scams include not signing a mortgage that is said to not require closing costs. If a retail mortgage lender or a mortgage broker tells you that they can get you a mortgage regardless of your credit history, think twice before you work with the lender.
Mortgage scams turn into nightmares
Run if a mortgage broker you have never met ask you to wire them your down payment. Some people poise as legitimate mortgage brokers, showing off fake properties, just so they can get access to your money or your private financial records. Visit houses that you are considering buying in person. Work with reputable lenders.
As with payday loans, auto insurance predators and credit card predators, a mortgage scam may sound great at the start. But, it doesn't end that way. You may be told that you don't have to pay closing costs or put a down payment on a mortgage and end up paying exorbitantly high interest rates on your monthly mortgage. You also might get roped into signing a mortgage with an adjustable interest rate, the type of growing mortgage interest rate that can put a house out of your financial reach years after you buy the house and move in.
360 CEDAR Street, Manchester, NH 03103
16 Memorial Drive, Manchester, NH 03103
628 Hackett Hill Road, Manchester, NH 03102
Ready to choose a home inspector before you finalize a house purchase? Ultimately, there are many key questions you'll want to ask your home inspector to ensure he or she has what it takes to assess a house, including:
1. What are your qualifications?
Choosing a home inspector who understands the ins and outs of reviewing a property is paramount. Thus, you'll want to evaluate a candidate's credentials closely to guarantee he or she knows how to inspect all aspects of a residence.
Find out about a home inspector's skills and background. By doing so, you can understand how this professional has approached home inspections in the past.
Also, retrieve copies of a home inspector's past house evaluations and find out if he or she is a member of national or state home inspector associations. Evaluating a home inspector's past reports will provide you with an example of what to expect from this professional during your home assessment. Meanwhile, a home inspector who is a member of a national or state home inspector association likely possesses training and certifications that may help him or her stand out from other home inspectors in your area.
2. Can you provide references?
Were past clients satisfied or dissatisfied with a home inspector? Ask a home inspector to provide references, and you'll be able to learn about past clients' experiences in no time at all.
Don't forget to check out client reviews on Yelp, Angie's List and other professional review websites too. This will enable you to better understand if a particular home inspector is the right professional to assess your residence.
3. Do you possess errors and omissions insurance?
In some instances, a home inspector may make mistakes during a house assessment that he or she probably should have noticed. If a home inspector possesses errors and omissions insurance, however, you may be protected in this scenario.
Errors and omissions insurance offers professional liability coverage for home inspectors. This means a home inspector who holds errors and omissions insurance will be able to cover the costs associated with an error that you feel he or she should have caught during a house inspection.
Be on the lookout for a home inspector who will require you to sign a waiver limiting his or her liability as well. If a home inspector requires a waiver, you may be held responsible for any home problems that this professional misses during a house assessment.
Searching for a home inspector can be tricky, especially if you're trying to navigate a complex homebuying process. But if you spend some time reviewing a broad array of home inspectors, you should have no trouble finding a home inspector who can meet or exceed your expectations.
Don't forget to rely on your real estate agent for support as you search for a qualified home inspector. Your real estate agent may be able to recommend home inspectors in your area and help take the guesswork out of discovering the ideal home inspector so you can finalize your house purchase.