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FTC Warning About Growing Home Mortgage Closing Phishing SCAM

The Federal Trade Commission issued a warning to consumers of a growing mortgage closing phishing scam that could leave buyers with no down payment.

Scammers are hacking into e-mail accounts of buyers, real estate agents and/or title companies in order to access information about the closing date. They then send an e-mail to the buyer and pose as either the real estate agent or the title company.  In the e-mail, scammers will say there’s been a “last minute change” to the wiring instructions for the funds for the closing and instruct buyers to send the funds to a different account.  Of course, this account belongs to the scammers.  If you send money there, you will not get it back.

If you are buying a home and get an email with money wiring instructions . . . do not follow through.  Your real estate agent and/or title company will not ask you to send financial information over an email.  Email is not a secure way to send financial information of any kind.

To avoid becoming a victim to this scam, as well as other email phishing scams, take note of the following tips from the FTC:

New To Chicago or Planning A Move To Chicago?

If you are new to the Chicagoland area, or plan to move to Chicago in the near future, then you will want to connect yourself with the best information available to help you learn what there is to see and do.  You will also need information about how to get around as well as the services provided to residents.

We've compiled a short list of what we consider the best resources to keep you informed about Where To Go, What To Do, & How To Get There in Chicago.

You may want to connect up with each of the resources on social media and join their newsletter email lists so you don't miss out on something you would love to do or learn about. 

Why A Mortgage Pre-Approval Gives You A Home-Buying Advantage

If you are planning to purchase a home soon, the first step should be getting Pre-Approved for your mortgage financing.  

A Pre-Approval, as opposed to a Pre-Qualification, signifies that the loan application has already been taken and that you are approved as a buyer up to a certain price range, so your loan will be subject only to the property meeting the lender's approval guidelines.

Here's why Pre-Approved buyers are ahead in the home buying game: