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Avoiding getting scammed is key for one of the biggest purchases of your life
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One of the biggest challenges in life is buying a home. Even if you’re not a first-time homebuyer, there is always the risk of buyer’s remorse.
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No one likes to get ripped off, whether it’s unnecessary purchase costs, paying more than the home is worth, or just an outright scam. The good news is you can avoid making costly home-purchase mistakes if you follow these five simple tips.
Work with a legitimate mortgage broker or lender
It may sound obvious, but to avoid getting ripped off when buying a home, always work with experts and professionals — and this is particularly important when working with a mortgage broker.
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“Beware of scammers who promise to get you a good deal on your home loan for an upfront fee,” explains Chris Allard, an Ottawa-based mortgage broker.
In some cases, potential homebuyers pay hundreds and even thousands of dollars in upfront fees to unscrupulous mortgage brokers. Some of these mortgage advisors will even accept a mortgage application and charge a fee, even when the buyer does not qualify for the mortgage loan.
