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Be careful- the mortgage industry is full of dishonest mortgage brokers who knowingly try to rip off the consumer. These individuals prey on uninformed home buyers with the full intention of making a sizable commission and never being heard from again. These characters are usually in the mortgage business for only a short period of time and then move on to something else.
This article will uncover the four most common mortgage scams:
Bait and Switch
Low-balling Fees
Floating the Interest Rate
The Prepayment Penalty Scam
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