Be Aware of Loan scams

Loan scams

Do you own your home? If so, it's likely to be your greatest single asset. Unfortunately, if you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk.

Homeowners-particularly elderly, minority and those with low incomes or poor credit-should be careful when borrowing money based on their home equity. Why? Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line.

Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges. The Federal Trade Commission urges you to be aware of these loan practices to avoid losing your home.

Not all lenders are created equal: Be aware of lenders advertising low rates, only to charge you thousands of dollars in junk fees; or others advertising no closing cost and a fixed low rate (fixed for one month) that may double or triple in just few weeks... A good lender will save you time and money by giving you strait answers, and helping you keep as much of your equity as possible

If you are not familiar with the different types of loans available please call me at 720-842-1600 EXT 12

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