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There are a lot of people out there who call themselves home mortgage consultants or home mortgage experts. Some of these individuals are real experts who can help you others are simply con artists trying to cheat you out of your money.

Anybody who is seeking a home mortgage or refinance should learn to tell between real mortgage consultants and the phonies. Unfortunately this can be harder than it should be because many fake mortgage consultants are very good at passing themselves off as the real deal.

In particular, you should be on the look out for people who are trying to get around the license laws many states have enacted to regulate mortgage professionals. These licensing laws were set up to keep crooks out of the mortgage business, so it’s a good idea to avoid unlicensed mortgage professionals.

Make Sure Your Mortgage Professional has a License

Most states require mortgage professionals or brokers to be licensed. Always ask to see a mortgage professional’s license before you engage their services. If licenses are required for mortgage professionals in your area and the mortgage consultant doesn’t have one they could be breaking the law. Worse, any mortgage they try to arrange for you could be illegal.

Another factor you need to consider is the reason the professional isn’t licensed. The reason the professional isn’t licensed could be that the state revoked their license for some reason. Another reason they don’t have a license is that convicted felons can’t professional licenses in most states.

Obviously you don’t want to do business with a mortgage professional who has a criminal record or a revoked license.  Ask to see the mortgage license and if they can’t produce one, don’t do business with that person.

Check Out Mortgage Consultants

Before you do business with a mortgage consultant or broker you should check that individual out carefully. After all you’re about to invest a lot of money in the home and sign an agreement that could affect your credit for years to come.

A good idea is to ask for references from the consultant. Ask for a list of satisfied customers that you can talk to so you can see if they are delivering on their promises. Another excellent idea is to check with the Better Business Bureau. The BBB is an organization that collects lists of complaints about businesses this way you can see if anybody has complained about the consultant.

Another good idea is to check and see if the consultant has the proper license. Don’t just take their word because anybody can create a fake license with a computer and a printer. Learn which agency licenses mortgage professionals in your area, contact that agency and ask if the professional really is licensed before you use them.

If It Sounds Too Good To Be True It Probably Is

Never do business with a mortgage consultant who makes unrealistic or unreasonable claims.  Many mortgage experts make all sorts of fantastic claims in order to get people to fork over their hard earned money.

Always get suspicious if a mortgage expert claims to be able to “fix” your credit or get you a much larger mortgage than you should qualify for. These are classic mortgage related scams that you should avoid.

Finally, never pay a fee to a mortgage consultant who claims to be able to get you a mortgage. Legitimate mortgage professionals make their money when the mortgage is issued. Those who want some sort of fee or payment upfront are probably scam artists.