Getting a mortgage loan quote – make sure it’s for real
Downtown Boston Condos for sale
Getting a mortgage loan quote – make sure it’s for real
- 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.
- Validity: Terms on a Loan Estimate are generally binding for 10 business days from the day you receive it, provided you notify the lender you wish to proceed.
- 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.
- 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.
- Too-Good-To-Be-True Rates: If an advertised rate is significantly lower than current national averages (approximately 5.99% for a 30-year term as of early 2026), it may be a bait-and-switch or a scam.
- Rate Lock: Check if the interest rate is “locked” on page 1 of the LE. If it is not locked, the rate can change before your application is approved.
- APR vs. Interest Rate: Always compare the Annual Percentage Rate (APR) on page 3, as it includes both the interest rate and the lender’s fees.
Boston Seaport Condos for Sale. 60% Buyer Rebates
Purchase a Boston Seaport condo for sale and receive a buyer rebate larger than Redfin.
Boston Seaport Sellers – List for only 2%
Boston Seaport Condos for Sale. 60% Buyer Rebates
Ford Realty Beacon Hill – Condo for Sale Office
Boston condos for sale – Ford Realty Inc
Updated: Boston Condos for Sale Blog 2026
John Ford Boston Beacon Hill Condo Broker 137 Charles Street Boston, MA. 02114
Getting a mortgage loan quote – make sure it’s for real
Two weeks ago, Ameriquest Mortgage settled charges (“without admitting wrongdoing”) that the company overcharged and defrauded consumers.
Thousands of homeowners nationwide have alleged in lawsuits that they were financially injured, in some cases losing their homes, being forced into bankruptcy or seeing their credit destroyed, after they obtained Ameriquest loans they were unable to repay.
The company was accused of pressuring “appraisers to inflate property values so borrowers could get bigger loans, charging upfront fees without reducing interest rates as promised and telling borrowers to ignore written information about interest rates because they would give them lower rates later. The company is alleged to have given them the higher interest rates instead.
(T)he company is also alleged to have assured borrowers their loans would have no prepayment penalties, then inserted such payments into the final loan documents; delayed the time period between the loan closing and the funding; and misrepresented fees and costs.
The company denied any wrongdoing in its settlement with 49 states and the District, but agreed to pay out a staggering $295 million to an estimated 200,000 borrowers nationwide over the coming year, plus $30 million to state agencies to reimburse them for legal and investigative costs.
The federal government announced the settlement during the last week of January. The company, either in an attempt to repair some of the damage, or to flout it’s escape from justice, ran advertisements during this weekend’s Super Bowl broadcast.
In one “risky but hilarious” Super Bowl ad, medical personnel use heart paddles to electrocute a bug in an unmoving patient’s room. A horrified wife and daughter arriveto see the paddles and hear “That killed him.” The message: “Don’t judge too quickly”.
Er, okay.
How do you keep yourself from encountering this sort of problem when you look for a mortgage loan?
Ask lots of questions. And get it in writing.
Don’t Believe It Unless It’s in Writing – by Kenneth R. Harney, The Washington Post
Ameriquest Settlement Is Due Next Week – by Kirstin Downey, The Washington Post
Contact me to find to set up an appointment to start your Boston condo buying process.
SEARCH BOSTON CONDOS FOR SALE
For more information, please contact one of our on-call agents at 617-595-3712.
