Mortgage Bait and Switch 

The bait and switch technique, if one were to call it a technique, occurs when someone lures somebody in with an offer only to change that offer when it comes time to make a purchase.

We've all seen the bait and switch technique before and it can be particularly bad when it involves a mortgage. The most common form of bait and switch abuse in the mortgage industry involves the mortgage type (such as a 30 YR fixed) or the interest rate. People are offered a certain loan only to be offered another loan at closing or they are offered a low interest rate only to get a higher one. So, how can you avoid bait and switch on your next mortgage?

How To Avoid Bait and Switch

• Ask for proper loan disclosures if they are not provided within 3 days of your application
• Review your good faith estimate and truth in lending documents for correct loan type and fees
• If the rate seems too low compared to other offers, ask how it can be so low
• Don't be afraid to back out if you discover you are being offered something other than was promised to you
• Trust your instincts

BeatMyBroker.com exists to protect consumers from frowned upon tactics such as the bait and switch. We do everything in our power to make sure our network of loan experts always offer the best mortgages available and do so in the most professional manner possible. If you have been the victim of bait and switch and are looking for a credible lender, try BeatMyBroker.com for your next mortgage transaction.