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Keep an Eye Out for Scams

Unfortunately, there are people out there who want to get as much money out of you, and they do not care how they do it. A lot of these people run scams and do not discriminate. Many people think that they would not be a victim to these people, but it can happen. You need to make sure that you protect yourself as much as possible. You do that by knowing what to look out for.

What to Look For

Scammers will always make it seem, at first, that you are getting the best deal possible. They will give you some tips for how to fill out an application for financing. They will tell you to say you make a little bit more on your income then you really do. They will say this is a great way to make sure you get the loan or equity. But if you get approved will you be able to pay the loan? A lot of people find that they have to default. Then you will lose the equity/loan and quite possibly your house as well.

Another thing you might find that they do is provide you with account statements that are not complete. They leave key parts off of your statement, thus making it harder to know exactly how much you still have left to pay off. Then you are at their mercy. This can often result in the usual fees and high payments. Their lack of honesty on the account statement only leads to trouble.

If you get equity for home improvement, then you also can be scammed. You may find that you come upon someone who says they will do a cheap improvement for you. These people will start, and then stop halfway through. They say they will not finish unless you sign their papers. When you sign you are then agreeing to pay high interest rates, fees, and points. All of this is trouble.

Do�s and Don�ts

If you see anything that you deem to be false, then you need to challenge it right away. This is the main way you stop fraud. Do not let things that are false stick around with the possibility of hurting you in the end. Also, make sure you keep a copy of everything that you sign. This way you have the exact document and no one can add anything to that document. But do not just keep everything you sign; keep all the important documents you receive so you can keep a good record of your business with this company. Finally, like always, shop around to get the best deal possible.

Do not ever sign any document under pressure. If someone tries to force you to sign then step away and go somewhere else. Make sure you do not agree to sign something that you know you cannot pay off. Don�t sign something you have not read. Make sure you see through the �extras� that may be promised later, don�t let these things sway your decision. Finally, do not deed your property to someone you do not have a long, solid relationship with.

National Rate Averages

Mortgage Rates

Product Rate
5/1 yr ARM 3.147%
1 yr ARM 3.299%
15 yr fixed 3.221%
30 yr fixed 3.815%

Home Equity Rates

* Updated Jun 7, 2012