Looking For A Mortgage Company, Mission Viejo, CA? Three Red Flags To Watchout For

September 27, 2022

Looking For A Mortgage Company, Mission Viejo, CA? Three Red Flags To Watchout For

By Published On: September 27th, 2022Categories: Mission Viejo CA, Mortgage Company

Applying for a mortgage loan is a serious undertaking. For one, it involves huge sums of money. For another, a mortgage decision you make today will have a long-term effect on your finances. Therefore, you need extra precautions and choose only a mortgage company in Mission Viejo, CA, that has a good reputation.

Here are some red flags you need to be mindful of when looking for a mortgage company in Mission Viejo, CA:

Rushing you through the process

If a mortgage company tells you to ignore the fine print, walk away. Shady lenders will not give you enough time to read the details before signing the loan paperwork. Remember, you need to read and understand what is written in the lending agreement to ensure you are not dealing with one unfavorable.

Offering significantly different interest rates

Do you think you are getting the best interest rates? Think again. You have to make an assessment carefully. If a company offers significantly lower than the rest, be careful. In some cases, these rates come with “strings attached.” For instance, a company might have a super-low interest rate but only for a short period – like 30 days – and goes up substantially after the introductory period ends. With that taken into account, it makes sense to compare rates and know the average price in the market. Zero in on the loan’s APR and assess if the value makes sense.

Allows you to leave out information

When a mortgage lending professional you are working with allows you to leave some information blank – or worse, allows you to fill out the form with a not-so-accurate information – then that company is highly likely not for your welfare. For example, they might instruct you to inflate your income or bypass providing other information. If you encounter that, walk away.

Online looking for a reputable mortgage company in Mission Viejo, CA? Contact us at Homeplus Mortgage at 800-810-PLUS (7587) today.