Time to Refinance/Finance a Home? Americas Watchdog Launches Free Service to Protect Homeowners from Being Cheated or Over-Charged

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Because the current national mortgage melt down does not just impact individuals with poor credit, Americas Watchdog & its National Mortgage Complaint Center are now offering free consultations for individuals who are considering refinancing their home, or financing of a new home or condominium. This free consumer consultation is being offered because today's mortgage environment is so loaded with deception,fraud or murky terms that are very confusing. Rather than focusing on sub-prime borrowers who may not be able to refinance, this service is focused on borrowers with good credit who want to make sure they do not get cheated or over-charged.

let 100 bankers shoot it out for the lowest possible rate

Americas Watchdog & its National Mortgage Complaint Center are among the most quoted sources in the nation on the topic of predatory mortgage lending. Because these groups consider today's mortgage arena a minefield for the average consumer, they are offering a free over the phone consultation before any homeowner/borrower gets sucked into a mortgage transaction that may involve the wrong mortgage product, terms that are not transparent, and or junk mortgage fees.

Even the most astute mortgage borrower may encounter fraud, bait & switch or worse when shopping for a mortgage. The free consultation is designed to prevent individuals with good credit from falling prey to unscrupulous banks, or mortgage brokers who only care about squeezing the most money out of each borrower.

According to Thomas Martin President, "we are not talking about sub prime mortgage borrowers, we are talking about consumers with good credit and or equity in their home"."According to Martin, "this campaign is designed to protect the best borrowers from getting cheated or over-charged. Millions of US homeowners will be forced into foreclosure this year or next because a bank or mortgage company sold the consumer a bill of goods". In addition, Americas Watchdog & the National Mortgage Complaint Center strongly encourage homeowners to be on the look-out for the following mortgage scams:

1. You get a phone call saying your area has just been approved for 1% interest rate loans: The reality -- it's a lie. These types of loans are also called "Option Adjustable Rate Mortgages and should be avoided.

2. You are buying a new home from a national or regional homebuilder and they force you to use their mortgage product -- or you will not get the homebuilder "bonus": Think twice about it. Frequently homebuilders, wearing the hat of mortgage lender, charge much higher than market interest rates. The homebuilder gets a huge kick-back (called a yield spread premium) from Wall Street for doing this, & the home buyer gets a higher monthly mortgage payment. If you live in a subdivision or a condominium project where the homebuilder forced most owners to use their mortgage products, please contact the National Mortgage Complaint Center for a free consultation. Americas Watchdog will assist over-charged consumers-homeowners associations try to find better mortgage products for their members/homeowners.

3. You get a letter from your current home lender saying "rates at historic lows" or "we can refinance you with no points", or you might see the same thing in the newspaper/Internet or hear it on the radio/TV. Its not true. There are always mortgage fees and you will end up with a more expensive monthly mortgage payment, if you go "no point".

4. You see a TV ad that says, "let 100 bankers shoot it out for the lowest possible rate":Not True. These lead generation firms will sell your information to the mortgage firms that "compete".The mortgage lead generation firm gets about $1000 or more & the actual lender then passes this extra cost onto you. Only do business with the actual mortgage lender. Stay away from computer pop-ups, too good to be true advertising, and stay away from mortgage lead generation companies.

5. While there are very ethical real estate agents, many are now wearing two hats--one as a real estate agent & one as a "mortgage lender". Even worse, many mortgage firms kickback "finder fees" to real estate agents (its illegal). The kickback then gets passed back to the unsuspecting homeowner in the form of higher interest rates, fees, or both. The National Mortgage Complaint Center strongly suggests that homeowners keep the real estate transaction separate from the mortgage transaction. Millions of Americans pay a higher monthly mortgage payment because the real estate agent received a kickback from the broker/mortgage lender, or the homebuilder gouged an unsuspecting homeowner with excessive interest rates.

The National Mortgage Complaint Center is not a mortgage lender. As the national leader in protecting homeowners from predatory mortgage lending they want to make certain that each homeowner or home borrower gets a fair mortgage. Homeowners or home loan borrowers are encouraged to call the National Mortgage Complaint Center prior to making a mortgage application so they can discover what their real options are & what honest lender might best fit their needs. Homeowners or borrowers are encouraged to contact the National Mortgage Complaint Center at 866-714-6466 for a no cost-no obligation free consultation. The web site is located at Http://NationalMortgageComplaintCenter.Com . Because the mortgage consultation is free, newspaper business or real estate editors are encouraged to tell their readers about this free service. Ethical & honest real estate agents are also encouraged to tell their clients about this very unique service. It is the only service of its type in the nation.

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THOMAS MARTIN
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