1. Fraudulent wire transfer schemes are becoming a huge problem. They are real, they are on the rise and they are accelerating in frequency and sophistication.
This is how it works for anybody who is bringing cash to a real estate settlement. You would receive an email from someone who looks like the lender, the broker or the settlement company. The email address will look like one of the aforementioned parties but one digit in the email address will be different. The email will instruct you to call them for wire instructions so you will be ready for settlement. When you call them, you will receive wire instructions to an account that is not a party of the transaction. It will all appear to be legitimate and it will include the names of people who are part of the transaction.
IF YOU SEND THIS WIRE TRANSFER, YOUR MONEY MAY BE LOST.
Protect yourself. Please, do not respond to any communication requesting you to wire funds. If you receive such a request, call the party who should receive funds using a phone number OTHER THAN THE ONE IN THE EMAIL.
Better yet, just don’t wire funds for settlement. Use a cashier’s check obtained from your bank and made payable to the settlement agent. This will eliminate any chance for wire fraud.
Forewarned is forearmed. Be aware that this is out there and protect yourself.
2. BROKERS ARE BETTER
Mortgages originated through brokers are at a nine year high . . . and rising
People are learning that mortgage brokers offer advantages that big banks won’t or can’t offer. When you call your broker on the phone, you won’t get a call center. You will talk to a person who is likely to be local. When you have a question, you will get an answer. When you compare interest rates and costs, you are likely to find that the mortgage broker is less expensive, and offers a lower rate than the big banks because the mortgage broker is shopping the rate among the best lenders available. So the next time you are in the market for a mortgage loan, check out a few brokers. You’ll be pleasantly surprised.
When you have a question about a mortgage, call Primex at 301 468-5600. We’ll know who you are and your call is always welcome at Primex.