As scams are on the rise, it is increasingly important to ensure your mortgage lender is trusted, legit, and credible prior to working with them. Scammers are out there waiting for their next victim. We don’t want you to be one of them. If you are looking for a trusted lender to finance a home, contact us today! In this article, we will provide a checklist you can use to assure that the mortgage lender you have in mind is credible. 

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Does the offer seem realistic? 

Does the offer that the lender made for you seem realistic? If the offer seems “too good to be true,” or outrageous, it is likely a scam. If the lender doesn’t seem interested in your portfolio (including your income or payment history), then you should question their authority. A trusted lender will need to verify your financial portfolio before providing a legit and realistic offer or pre-approval letter. 

Is there an upfront payment required? 

A processing fee, or credit report fee are some fees you may see as upfront fees. Other than that, your lender should not charge you any upfront fees to review your application. If a lender asks for a payment prior to an application, etc., then their credibility may be questioned. Do not submit any undocumented and unreasonable payments. 

Does the mortgage lender have a clear working phone number? 

A trusted lender should have a working phone number. Question their credibility if they do not have clear and open communication lines. 

What does their social media presence look like? 

It’s not a requirement for a lender to have a social media presence, but it is likely that trusted lenders will have an online presence. If you cannot find your lender online, then you may be speaking with an non-credible lender. Follow our social accounts to stay up to date with the mortgage industry.  

Direct Mortgage Loans Instagram        |     Direct Mortgage Loans Facebook 

Do they have client reviews?

Client reviews and testimonials are a great way to inspect the credibility of your lender. Unless your lender is new to the game, they likely have public client reviews. Review their Facebook reviews, google reviews, or website reviews to gain some insight.  

How long has the mortgage lender been in business? 

Another consideration is the years of business experience. This information should be visible somewhere on their website. If you cannot find this information, then the lender may be suspicious. Direct Mortgage Loans has been in business since 2007, and was built on the values of accountability, transparency and teamwork.  

Connect with our loan officers to take the next step in your mortgage journey. 

Do they use high pressure sales tactics? 

If the lender is pressuring you to quickly provide information, then they may be a scammer. In a fast-paced real estate market, time is of the essence, and it’s important to reply to your lender team in a timely manner. However, if the lender is pressuring you in their sales approach from the jump, then consider those actions as a red flag. 

If you are looking for a trusted mortgage lender, keep these considerations in mind. Better yet, contact our team of credible, licensed, and transparent loan officers!