Mortgage Fraud: Beware the Wolf (Loan Officer) in Sheep's Clothing

    RIVERSIDE, CA, January 04, 2009 /24-7PressRelease/ -- US consumers looking to refinance their homes or to secure a home loan to purchase their dream homes would be well advised to educate themselves about lender abuse. According to at least one source, unwary homeowners and homebuyers may find themselves paying a great deal more for those mortgages than they need to.

According to R Harrison Scott, a retired mortgage banker, "The consumer who does not understand how mortgages are priced will likely pay far more to secure financing than he needs to."

"In fact, he who fails to have a clear understanding of games lenders play runs the risk of paying thousands in fees that could have easily been avoided," he goes on to say.

To help avoid incurring these hidden costs Scott has just published a blog exposing the seedy side of the mortgage lending industry. Among other things, Scott teaches consumers:

1. Not only which mortgage companies to use, but which ones to avoid and why it's important to avoid them.

2. How mortgage companies generate exorbitant undisclosed or under-disclosed profits preying on the misinformed.

3. Not only how mortgage rates are priced but how an intimate knowledge of mortgage pricing will help you secure the best available rate at the lowest possible cost.

4. Why the Good Faith Estimate provided at application, more often than not, isn't worth the paper it's printed on.

5. How a final Good Faith Estimate delivered in one's closing documents functions just like lie detector. Knowing how to interpret it, savvy consumers can guarantee their lender is delivering a mortgage not only on agreed upon terms but at the lowest rate and cost.

6. Why it never makes sense to pay a discount fee to lower one's monthly payment.

Scott's blog is of non-commercial nature and is intended to do nothing more than increase consumer awareness.

Website:
http://themortgagefraudster.blogspot.com

# # #