How do you know if a Mortgage Company in WA is Legit?

There are many ways to check whether a mortgage company Washington is legal. Next, find out the mortgage company on your local BBB website. Then search quickly online and check customer reviews. 

Finally, consult with your attorney general in your country to ensure that the lender is registered with the appropriate government agencies.

Before applying to a mortgage company, consider these steps to ensure that you do not become a victim of fraud.

1. Check your level of comfort

Lenders want your business, but they don’t want it. If you feel that your relationship with the company is too harsh or deceptive, it can be a sign that they are trying to weaken you and Before you have all the truth, make it sound like you’ll have to come to a decision.

If you feel uncomfortable with this process at any time, take a step back and see why you feel that way and whether you should continue.

2. Check internet availability

If you are getting a mortgage loan, ask yourself if you have heard of it before. If not, search the Internet for a company name. Even if it’s brand new, there should be a profile on websites like Crunchbase or Owler and maybe reviews from existing customers.

If you don’t get anything – or worse, you get details that indicate a potential scam – you may be better off with the transfer offer.

3. The mortgage company does not disclose his financial status

Scam lenders will refrain from posting their money directly on their website or disclosing it when asked. They can also tell you that you are allowed to borrow money and demand money from you.

Hidden money deposited after loan approval is red flag. The FTC website recommends that you leave any company that follows this practice, especially if you are told that the advance payment was made for things like “processing,” “insurance” or “paperwork.”

4. Ask about the Business Bureau

Even if the borrower has an internet presence, that does not mean that its performance is not deer. See the Business Business Bureau’s website to learn more about whether a lender is worth working with. You will usually see the range of characters from A + to F, as well as the reasons for the distance.

In some cases, you will also be able to read customer reviews, which can give you a better idea of ​​what to expect. If you find that the lender will not fit well, you can also use the website to find one that could be better.

5. The mortgage company pressures you to take immediate action

Do not fall into the trap of urgency. One of the hallmarks of personal loan scams is giving you a quick deadline to sign up for a loan because the offer expires soon – perhaps the next day.

Lenders who use such extreme pressures may find it difficult to do so. It can be a hassle for you to make a hasty decision.

6. The mortgage company calls, writes or knocks

Popular lenders often advertise in a way that you would expect, such as online or through other media. If you receive a loan by telephone, postal or door-to-door, be quick to do so. They will tell you that they can offer best mortgage rates in WA. According to the FTC, it is illegal for companies to offer a U.S. loan over the phone and ask you to pay before you can submit.

7. The lender wants a prepaid credit card

Some fraudsters are known to demand prepaid bank cards from creditors, claiming that they need them for insurance, collateral or cash payments. This is a scam. Legal financial institutions may charge your application fee, appraisal or credit report, but those fees are deducted from your loan.

A prepaid bank card is a sure sign of a personal loan scam. It is almost non-trivial as cash, and you will not be able to report it stolen if you voluntarily donate it to the lender.

Raine Naos

The author Raine Naos