The harmful economics of usury laws: usury laws, regardless of their form, hurt consumers rather than protect them. By studying the Italian mortgage market, … An article from: Mortgage Banking

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The harmful economics of usury laws: usury laws, regardless of their form, hurt consumers rather than protect them. By studying the Italian mortgage market, … An article from: Mortgage Banking

Protect Yourself from Real Estate and Mortgage Fraud: Preserving the American Dream of Homeownership

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According to the FBI, real estate fraud is one of the fastest growing white-collar crimes in the United States. From 2003 to 2004, reports of mortgage fraud jumped 146% and jumped another 28% from 2004 to 2005.With seven out of ten Americans owning their own homes, a huge number of people are potentially susceptible to this burgeoning crime epidemic. In Protect Yourself from Real Estate and Mortgage Fraud, real estate investors, professionals, and consumers will di… More >>

Protect Yourself from Real Estate and Mortgage Fraud: Preserving the American Dream of Homeownership

How To Protect Yourself From Predatory Home Mortgage Lenders

Home mortgage lenders are, for the most part, the ordinary American’s stepping stone towards realizing the American dream. To many, buying and owning a home is the American dream. Because of the prohibitive costs of houses, however, very few have the resources to pay for the house of their dreams right there and then.

Still, buying a house remains a much wiser option than renting an apartment. When you rent, you are paying off someone else’s mortgage and are helping them acquire equity. When you buy a house, however, you not only acquire equity on your own, you will eventually own the home.

While on the lookout for home mortgage lenders, do not get blinded and sidetracked by fabulous offers of immediate assistance. You must remember that the home mortgage industry is an industry that rakes in billions of dollars per annum. It is, literally, a mother lode that attracts all sorts of miners and gold diggers.

To protect yourself and your hard-earned money, be cautious of the following:

1. Unheard of home mortgage lenders
Before dealing with specific home mortgage lenders, be sure you know everything there is to know about them. Ask for identification cards. Ask for licenses. Better yet, direct inquiries to the Better Business Bureau or the office of the State Attorney General. Another option is your town or city’s local association of home mortgage lenders. Should such a group exist in your neighborhood, it will be easy for you to ask them for a list of their members in good standing.

2. Astonishingly high or low rates and fees
Always shop for home mortgage lenders before focusing on one. This way, you can compare different loan providers and then pick the one offering the best deal. In your dealings with home mortgage lenders, however, be sure to watch for abnormally high mortgage rates and charges. Have them explain the credits calculation. Your many talks with different lenders will help you anticipate the average rates that different home mortgage lenders are willing to give you. Also, be sure to inquire about hidden charges. Unscrupulous lenders gloss over this in their presentation and hide this in small print in your contract.

3. Abetting of unscrupulous practice
If your lender asks you to provide false data on your application form, be very wary. If there’s one thing legitimate home mortgage lenders advise you to do, it is to be painfully honest in filling out your application form. A predatory lender, on the other hand, will request that you state down a higher income than is factual, or overstate the span of your employment. He will try to convince you that everyone does this. Do not believe him. People may be sent to prison for falsification of documents.

4. Insistent requests for signatures on blank documents
Signing blank documents is a sure recipe for disaster. You don’t have to be a lawyer to figure this out. Should your lender shove a blank document in your face and ask you to sign, firmly and politely refuse to do so. This is not industry practice. It never will be. After all, with a blank document, you will never know what you are signing away.

Vigilance is the key to protecting yourself and your future home from embezzlers. Never do anything rash where taking out a mortgage is concerned. Remember what an old proverb says about doing things without taking the time to examine them first. What you do in haste, you will eventually repent in leisure.

Want to learn more about home mortgage lenders? Visit our site today and get access to various home loan lenders to find the best mortgage quote.

Stimulus Spurs Inflation – Protect Yourself By Buying A Home

“Buying a home is more advantageous today than ever before,” encouraged my next door neighbor who was also a real estate agent. My first thought was yeah right! With the market in such a depressed state you are just desperate to make a sale. That was 1982. He was both right and wrong. He was right because the little 3 bedroom, 1 bath house I bought in 1982 for $100,000 is now worth $450,000 even at today’s recession prices. That is an incredible increase of 350%. But he was also wrong. Are you wondering why? He was wrong because this current economic crisis has created an environment that may never be duplicated in another 100 years. Here is what I mean. Have you been watching the news? Are you reading today’s headlines? Our government is injecting trillions into what will hopefully end the recession and result in a national recovery. The economic stimulus bill is designed to guard against depression. Many Americans are asking this question. Where is the money for economic recovery coming from? Money for the stimulus package comes from you and me in different ways. The federal government has to borrow the money from its citizens by selling debt in the form of US Treasuries and Bonds. In addition local and state governments raise taxes and charge higher fees. But when the government borrows money by going into debt, inflation is triggered. When state and local governments increase fees such as sales tax, or gas tax, the cost of living rises. Inflation means that the cost of items we enjoy, use and need every day will become more expensive. Rents which are susceptible to inflation will not get more affordable. So how do we protect ourselves from what is inevitable? One way is by buying a home and locking in monthly house payments at current mortgage interest rates. Right now renting may seem cheaper than buying a home but over time rents are going to increase partly because of demand and partly because the dollar is going to be worth less. We are already seeing an increase in rental demand due to mortgage foreclosures. The decrease in the value of the dollar will come later. Here in lies a big mistake that many people are going to make. Thinking short term. Renting versus buying a home seems like a better deal right now. But if you want to protect yourself and your family from the effects of inflation, you want to start thinking long term instead. This is the point. Even if the rate of inflation remains fairly tame, rents are still going to rise. In addition current mortgage interest rates are not going to remain at historical lows forever. The Federal Reserve will have to manipulate interest rates higher in order to starve the coming inflation. Because the price of buying a home has hit near bottom, real estate prices too will rise. In another 5 years, the value of houses will have increased and the low daily mortgage rates we enjoy today will follow. Do you want to make sure your family is protected from the coming inflation? Even better, don’t you want to take advantage of it? The best way is by buying a home. Here is my prediction. There will never be a better opportunity during your lifetime for buying a home than right now.

Kate Ford, an experienced mortgage insider, understands how important the best mortgage rate is to homeowners and home buyers alike. Her website Get Your Best Mortgage Rate focuses on getting the best fixed rate mortgage. All information is free so make the decision to discover peace of mind with the best fixed rate mortgage today.