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How can you protect yourself from mortgage fraud?

If you're shopping for a home in Washington D.C., you have a lot of things on your plate. Not only do you have to worry about finding a good area with a convenient location that falls within your price range, but you also have to deal with the possibility of mortgage fraud. Protecting yourself from the possibility of falling victim to mortage fraud can substantially lower your overall unease with the moving process, but just how can you do that?

The Federal Bureau of Investigation (FBI) is the organization that handles most mortage fraud cases, and the numbers have only risen over the years. They say that it's important for you to protect yourself from fraud before you become a victim. They include several tips such as never signing any document that has any blank lines, and researching into the neighborhoods you're looking at for yourself before you agree to a price that's being set.

"No money down" loans can also be a huge warning sign. You might be tricked into thinking you can afford a home if a loan like this is offered, when in reality, you'll end up falling behind on payments quickly and falling into debt. They also state that you should never lie on your loan application, even if someone like your mortgage broker or realtor is trying to talk you into doing so.

The possbility of falling prey to mortgage fraud can certainly be concerning. However, with the right precautionary methods and by keeping your wits about you, you can safely traverse the market without becoming a victim.

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