(See more information below about the Truth in Lending Act). ADVANCED FEE LOANS The most widely used loan scam is known as an "advance-fee" loan. In 2004, the average advanced-fee loan victim lost 1,560.
The scam involves impersonating legitimate lenders who offer, or sometimes guarantee, approval for a loan regardless of the borrowers credit history. However, to take advantage of the offer, the consumer must pay a fee up front. The lender then takes off with your fee and the loan never comes through. A common strategy for advanced-fee lenders is fraudulent telemarketing schemes, commonly referred to as boiler rooms. Typically the lender specifically targets consumers who are out of work or have poor credit ratings.
The lender pressures consumers into signing on to a guaranteed loan over the phone that includes advanced fee payments. The consumer agrees to have the fees electronically debited from their account.
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Down Payment Needed. Youll need a down payment for a conventional mortgage. Depending on your credit, you might be able to put down as little as 3 percent, or you may be required to put down up to 25 percent to be approved for a conventional loan. If you receive money from family or friends to help with the down payment, the bank may require you to get letters from them stating that the money is a gift and not a loan.
That way, the bank knows that you havent taken on additional debt that youll need to repay in addition to the mortgage for which youre applying. Advantages of Conventional Mortgages. Conventional mortgages have several advantages if you qualify.
First, the loans are generally processed more quickly than government mortgages because youre applying straight to the lender, and you dont need approval from any government programs.