(Feb. 6, 2007) -- Mortgage loan fraud is
on the rise, and that means homeowners need to educate themselves
about mortgage terminology to avoid being victimized. LoanPage.com's
Words of the Week tool offers a glossary to help potential
homeowners learn how to choose the right lender and mortgage
loan (
http://www.loanpage.com/mortgage_terms.htm).
LoanPage.com is a complete source of mortgage loan tools
and lenders.
Mortgage loan fraud in 2006 rose 35 percent over the previous
year, the Treasury Department's Financial Crimes Enforcement
Network reports. Loan fraud can involve predatory lending
schemes, inflating appraisals, property flipping or falsifying
borrower income to qualify for home mortgages. Consumers
can use the Words of the Week tool, articles and other resources
at LoanPage.com to learn about the mortgage loan application
process and avoid falling prey to fraudulent schemes (http://www.loanpage.com/mortgage_terms.htm).
"Buying or refinancing your home may be one of the most
important and complex financial decisions you'll ever make.
Many lenders, appraisers, and real estate professionals
stand ready to help you get a nice home and a great loan.
However, you need to understand the home buying process
to be a smart consumer," says the U.S. Department of Housing
and Urban Development.
LoanPage.com is the top home loan resource site and offers
potential homeowners a wealth of information that can
help them compare mortgage rates and choose the right
lender. The comprehensive information at LoanPage.com
includes:
The booming real estate market has
increased the potential for mortgage loan fraud, resulting
in $1.014 billion in losses in 2005, up from $429 million
in 2004, according to the Federal Bureau of Investigation
(FBI). In many cases, mortgage fraud involves industry
professionals, so it's important for homeowners to find
a reputable lender who they can trust. LoanPage.com
allows potential homeowners to compare lenders and learn
more about the entire process of obtaining a home mortgage.
LoanPage.com is a complete source of mortgage loan tools
and resources, including calculators and a mortgage
glossary. Visitors can find answers to the most common
loan questions, download a loan application or find
lenders in their area.
SOURCE: LoanPage.com
