JoAnn Asselin's Blog
Mortgage scams are everywhere, and many times are well disguised so they can be hard to uncover. Not all mortgage lenders have your interest at heart so when you go out for a mortgage loan, keep an eye on these warning signs and Mortgage scams are everywhere, but this time around they come like a wolf in sheep clothing, so it is pretty hard to uncover them. Not all mortgage lenders have your interest at heart so when you go out for a mortgage loan, keep an eye on these warning signs and be prepared to run away from any lender who does the following shady actions:
They pressure you to borrow more than what you want or need
Even though you are eligible for a certain sum of money that does not mean you have to spend heavily on buying a home. Paying less on a home purchase will prevent you from living from hand to mouth in your new home. An honest lender understands and will respect your choice to borrow less than you can afford instead that encouraging you to overspend or splurge on a house.
They rush you into signing documents without reading it
Getting a mortgage is complicated. There are piles of complicated paperwork, so it is crucial that you wrap your head around every document before putting your pen on it. If a lender encourages you or uses the familiar phrase "Everything is fine," it is best you withdraw yourself f from the mortgage. No matter how busy the bank may be, they would give you time to read through the papers.
They don’t give you a Good Faith Estimate
According to law, after three days of applying for a mortgage, a bank must provide a Good Faith Estimate showing your mortgage rate, closing cost, and other mortgage-related expenses. This way, a borrower will clearly understand their cost and know the estimated amount you will pay at closing. A shady lender typically does not provide this, so make sure you request one. Many banks hide this information to prevent borrowers from comparing the cost with other banks.
They use the bait and switch on you
To get more borrowers and get them excited about taking a mortgage, disreputable lenders promise borrowers one set of terms, but when it gets to closing, they deliver a different set of conditions. It is the sad truth some lenders get borrowers excited and take advantage of them when they're in a state of euphoria to alter the loan terms at the dying minute. If a lender uses this tactic on you, request an explanation. And if their reasons do not seem reasonable to you or your realtor, do not sign the mortgage documents.
They give you a blank loan form to sign
When going over mortgage document with your loan officer, be watchful for any blank forms or lines, and make sure the lender fills in all relevant information before you sign.
Getting a mortgage is not a stroll in the park. Experts recommend that you consult your attorney, local credit counseling agency or financial advisor to be on a safe side.
The Internet has changed the way you shop, but it has also changed the way retailers market their goods. No longer do families travel downtown on a Saturday afternoon to do their summer or back-to-school shopping. Nor is the mall the ultimate location to find all the current fashion and hang out at the food court. What was trending last week is now so-last-week. To understand the shift in the retail markets you need to know how people are shopping today and who is doing the purchasing.
Generation Z is too big to ignore
The buying powerhouse in the United States has now shifted from what was the largest consumer base, the baby boomers, to Generation Z. Their buying dollar estimates are in the billions, and they are an educated group with definiteness of purpose. They possess a comfort level with technology that no generation before has. Since birth, they have had access to an ever-changing landscape of innovation and groundbreaking advancements in almost every segment of their lives. This ever-evolving environment has them expecting change and developing and adapting skills to navigate their lives. When you want to get their attention, you will need to think less about branding your product and more about this generation as individuals.
Tied to technology but living in reality
This generation Z lives both online and offline and sorts through massive amounts of information continually. They are making choices on how to spend their time, who to spend time with and what to purchase, all at lightning speeds. So, you may wonder, how does a retailer get information to them about a product or service? They need to be on point. Generation Z appreciates the bottom line about what your product does, and they will decide if they are interested. Trying to convince them or, if they think you are working too hard to sell them; that is a turn-off. Besides, generally, they want to support companies with quality products that also promote a cause or give back in some way. They are globally-minded and take up for humanitarian and other causes with passion and commitment.
Word-of-mouth or Instagram?
Social media and its many platforms have created a massive impact on how Generation Z spends its money and how they pass the word along about products and companies. The trending influencers can cause ripples across a market within hours. The marketing world has changed are you prepared to serve this new powerhouse of consumers?
This week try to see how often you use your mobile devices to be a consumer. If you're in the housing market, seek out a real estate professional with a mobile presence to promote to young buyers.
149-151 Maynard St, Springfield, MA 01109
149-151 Maynard St, Springfield, MA 01109
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