RIP-OFF #1: One of the biggest rip-offs mortgage companies don't want you to know about is the "Glossing over of the prepayment penalty". Many Mortgage Companies "Gloss over" the prepayment penalty during the loan application and closing, hoping borrowers don't discover its existence

SOLUTION: Ask up-front if there is a prepayment penalty on the loan, and if so, how long it lasts (anywhere from 1-5 years). Then when signing, ask, "Show me where it says there is no prepayment penalty," or "Show me the terms of the prepayment penalty."

Conforming, low interest rate loans do not have prepayment penalties. Creative, non-conforming loans do have prepayment penalties most of the time. As long as the duration of the penalty matches with the time you plan to keep the loan, then there is no problem. Seeing it in print before you sign will prevent an unwanted surprise.

RIP-OFF #2: Some Companies try and sell the overpriced biweekly mortgage payment plans. The plan is sound, the rip-off is the cost - typically $400 for a program you can do yourself for free.
SOLUTION: Pay an extra payment during the year on your own. It accomplishes the same thing!

RIP-OFF #3: We talked about this earlier, but we must say it again…Paying too much in fees is a rip-off. This could be in paying too much for loan origination, loan discount, broker fee, or various "junk fees". Comparing the APR (annual percentage rate) is supposed to give consumers a fair comparison, but it does not. Why? Because all companies do not calculate the APR the same way (even though they are supposed to!)

SOLUTION: Use the Mortgage Shopping worksheet (see at the end of the article)!

RIP-OFF #4: Some Mortgage Companies attempt to take away your right to shop around. Sometimes loan officers will tell people not to talk to other mortgage companies, because too many inquiries on their credit report will lower their score and prevent them from getting a good loan. Don't fall for this gimmick!

SOLUTION: Know all three of your credit scored from the mortgage Company who ran your credit report so you can shop around. Simply tell the New Lenders you are shopping what your three scores are. If they demand on running another credit report, take your business somewhere else.Do not get ripped off on your mortgage!

Save money on your mortgage by receiving a free, no obligation mortgage analysis from Blue Financial -- http://www.BlueFinancial.net

For more information and loan quotes please visit MyLoanAndDebt -- http://www.myloananddebt.com

Mortgage Shopping worksheet -- http://www.myloananddebt.com/loans-secrets2.html

Article Source: http://EzineArticles.com/?expert=Andy_Jacob

• Most any large city has a number of small shops offering payday loans. They’re often found in strip centers; sometimes they double as pawn shops. They have a simple business – they lend you money until your next paycheck. The system is pretty convenient; you write them a postdated check for the amount you’re borrowing plus interest. On your next payday, they cash the check and your loan is paid off. What many people who use payday loan services fail to realize is that the interest rates charged by these firms are substantial, often reaching the equivalent of four hundred percent per year!
  
  
• To get a secured loan it can take time for loan approval, as the property will be inspected and appraised. Unsecured loans such as credit cards are usually faster to acquire, however the loan approval time may include a credit check. A credit check involves a lender getting a copy of your credit report to inspect your credit history.
  
  
• Credit card balance transfers
  
  
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