"For a "real" quote, you must provide six key pieces of information (Name, Income, SSN, Property Address, Estimated Property Value, and Loan Amount). The Document: Legitimate lenders are required by law to provide a standardized three-page Loan Estimate (LE) within three business days of receiving your application. Accuracy: By law, final loan costs must typically be within 10% of the amounts shown on the official LE."
"Scammers often use fake websites or professional-looking mailers to steal personal data. NMLS Search: Every legitimate loan officer is required to be registered with the Nationwide Mortgage Licensing System & Registry (NMLS). You can look up their NMLS ID to verify they are authorized to operate in your state. Check State Regulators: Confirm the lender is registered with your state's financial services regulator or attorney general's office."
"Be wary of offers that deviate from standard 2026 lending practices: Upfront Fees: Legitimate lenders typically only charge for a credit report fee before you accept the Loan Estimate. They do not demand "insurance" or "processing" fees upfront. Guaranteed Approval: No legitimate lender will guarantee approval without a credit check and income verification. Unsolicited Contact: Be suspicious of high-pressure offers via text or social media for loans you did not initiate."
Request a standardized three-page Loan Estimate (LE) after applying by providing six key items: name, income, SSN, property address, estimated property value, and desired loan amount. Lenders must deliver the LE within three business days and typically keep final loan costs within 10% of LE figures. LE terms generally remain binding for 10 business days if the borrower signals intent to proceed. Verify lender credentials via NMLS registration and state financial regulators. Watch for red flags such as upfront non-credit fees, guaranteed approvals without verification, unsolicited high-pressure offers, and rates that seem unrealistically low.
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