- If it sounds too good to be true, it probably is!

- Get referrals and check the professional licenses with state, county or city regulatory agencies.

- Research local home prices before purchasing

- Shop for a lender and compare costs. Beware of lenders who tell you they are your only chance of getting a loan.

- Beware of “No Money Down” loans, which are gimmicks used to entice consumers to purchase property that they likely can not afford or are not qualified to purchase.

- Beware of Mortgage Professionals who falsely alters and or refuses to disclose to all parties information or terms to qualify the consumer for the loan.

- Don’t let anyone convince you to borrow more money then you can afford to repay.

- Don’t let anyone persuade you into making false statements such as overstating your income, the source of your down payment, or the nature and length of your employment.

- Carefully review all loan documents signed at closing or prior to closing for accuracy, completeness and omissions.

- Be aware of cost or loan terms at closing that are not what you agreed to.

- Overall, beware of unethical mortgage professionals who are willing to “cheat” the system in order to close a deal.

TO report Suspicious lending activities go to the Mortgage Bankers Association’s Web Site at: www.stopmortgagefraud.com

Source: Florida Realtor magazine, Jan 2007