Probably no aspect of the home-buying process is as important as the mortgage financing.
Although you are bombarded with TV commercials, print campaigns, and on-line advertising, you will probably be best-served by using a reputable, local loan officer who has good credentials, and is very familiar with local markets, appraisal guidelines,
and customary practices.
Also, try to deal with a lender who is a known entity. Unfortunately, because of the ease in getting a “loan officer” license (only 30 hours of classroom time), many people have entered the mortgage business with little or no experience and have no idea what they are doing.
Why would you entrust one of the largest financial transactions of your life to someone you don't know and who has little or no experience, knowledge, or clout?
Fortunately, there are many good, experienced, local mortgage professionals who will do a good job.
Although you are free to use whomever you prefer, we feel obligated to give you some experienced, honest and competitive choices to contact. We have dealt with these mortgage professionals and are happy to recommend them.
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Fighting Identity Theft
Identity theft occurs when a thief uses your personal information to steal from your accounts, open accounts in your name, or borrow on your credit.
- Don’t give your social security number or other personal information- over the phone, by mail, in person, or online- unless you know exactly what it’s for.
- Don’t carry your social security card.
- Tear up or shred all credit card receipts, insurance forms, bank statements, expired credit cards, and any other documents with personal information.
- Put mail only in U.S. Postal Service boxes.
- Carry no more than two credit cards.
- Activate new credit cards immediately.
- Memorize PINs and passwords.
- Check all financial statements, bills, and records as soon as you get them.
- When ordering checks, have only your initials (instead of first name) and last name put on them. If someone takes your checkbook, they will not know if you sign your checks with just your initials or your first name, but your bank will know how you sign your checks.
- Do not sign the back of your credit cards. Instead, put “PHOTO ID REQUIRED.”
- When writing checks to pay on your credit card accounts, DO NOT put the complete account number on the “for” line. Instead, put just the last four numbers. The credit card company knows the rest of the number.
- Put your work phone number on your checks instead of your home number. If you have a PO Box, use that instead of your home address. If you do not have a PO Box, use your work address.
- Never have your SS# printed on your checks. Photocopy the contents of your wallet. Do both sides of each license, credit card, etc. You will know what you had in your wallet and all of the account numbers and phone numbers to call and cancel.
- Carry a photocopy of your passport when traveling either here or abroad.
- When checking into a hotel that uses cards for keys, do not turn them in! Take them with you and destroy them. Those cards have on them all the information you gave the hotel, including address and credit card numbers and expiration dates.
- You will occasionally receive e-mails purporting to be from your financial institution (bank, etc.), or a credit card company, telling you they are doing this or that, and it requires you to update records or change codes, etc. These are almost always what are known as “phishing” practices on the internet. They are fraudulent attempts to get you to give out personal information so they can steal your credit. Never respond to these e-mails! Do not open them, no matter how official they look! Delete them immediately! Some are extremely clever -
delete them!
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IF YOUR IDENTITY OR WALLET IS STOLEN
- Keep all your credit cards toll free numbers handy, so you can call immediately to cancel.
- File a police report immediately in the jurisdiction where your credit cards, etc., were stolen. This proves to credit providers you were diligent, and this is the first step toward an investigation (if there is one).
- MOST IMPORTANTLY! Call the three national credit reporting organizations immediately to place a fraud alert on your name and social security number. The alert means that any company that checks your credit knows your information was stolen, and they have to contact you by phone to authorize new credit.
CREDIT REPORTING AGENCIES CONTACT INFORMATION
- Equifax:1-800-525-6285
- Experian ( formerly trW):1-888-397-3742
- transUnion:1-800-680-7289
- Social Security Administration:1-800-772-1213 or 1-877-ID-THEFT (1-877-438-4338)
- www.Equifax.com: If you’re interested in credit issues, this is one of the best sites to surf.
- www.Experian.com: Another great credit site, and, like Equifax, one of the three major credit reporting agencies.
- www.transunion.com: The third major cred5it reporting site with lots of info.
- www.HUD.gov: A fantastic site that gives tons of information on government housing programs as well as rules and regulations which protect consumers.
- www.FTC.gov: Another wonderful site with a huge amount of information to guide and protect consumers, as well as warnings about keeping yourself from being ripped off.
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