Previously, we described two common equity stripping scams that are prevalent in today’s economic climate.  While the current condition of the economy has many people struggling to make ends meet, you must be conscientious not to fall prey to scammers trying to take advantage of the misfortune of others.  Coldwell Banker Select Professionals has compiled the following list of tips to help you avoid unscrupulous lenders.

1. Ignore solicitations that come unexpectedly by mail, email, phone or door-to-door from people or companies you are unfamiliar with.
2. Avoid agencies that advertise on roadside signs and make offers like, “We buy homes now for cash!”
3. Avoid paying up-front fees.  Any reputable lender will offer a consultation free of charge to help you identify the options that will work best for your situation.
4. Ignore anyone who tells you not to speak with your bank or consult a lawyer.  Information is power, so a lender up to no good will attempt to keep you away from people who can reveal their scam.
5. Do not sign anything you haven’t read thoroughly or had an attorney review—avoid signing documents with blank spaces. Scammers will try to create false urgency to get you to sign documents, but you must resist doing so.

 Remember, if it sounds too good to be true, it probably is. You need to trust your instincts and use companies with good reputations and happy customers.  Please contact Home National Mortgage for more information on refinancing and home loans.  If you’re looking for personal service you can trust and have questions regarding loans, be sure to connect with one of our mortgage specialists at www.homenat.com. They have local offices serving all of Lancaster, Lebanon, York, Hershey, Harrisburg, and Cumberland County PA.