Rental scams

Rental scams happen when either a property owner or potential tenant misrepresents themselves. Rental scams also misrepresent the terms and availability of a rental property. Fake ads and fake responses to rental ads can hurt both tenants and property owners. Here are some tips to spot a fake ad:

• The advertised price is much lower than that of similar properties.
  
• Ads for the property have grammatical and spelling errors, or overuse capital letters. Another thing to look out for is the use of uncommon spellings of words, like “favour” instead of “favor.”
  
• You can only work with an agent. The agent says that the owner is too busy, out of the country, or otherwise unavailable to handle the rental. Do a search on the owner, real estate management company, and listing. If you find the same ad listed under a different name, that’s a clue it may be a scam.
  
• The owner or agent requires you to sign the lease before you see the rental property.
  
• The owner or agent isn’t able to let you enter the home or apartment or charges you a fee to view it. Don’t rent a property that you are unable to see before signing the agreement.
  
• The owner or agent uses high-pressure sales tactics. They may urge you to rent quickly before someone else gets the property. Don’t give in to high-pressure sales tactics.

Property owners can also be the target of scams. If you’re offering a property for lease, it’s important to be aware of renter’s scams. Learn how to protect yourself from scams targeting property owners:

• Search your renter’s name and email address to see if others have flagged them as a scammer.
  
• Consider using a tenant background check, also known as a consumer report.
  
• Before renting your property, meet the prospective tenant or the person who will pay the rent.
  
• Conduct an image search of your property. An imposter may use images of your property to create their own listings as part of a scam.
  
• Request each renter’s personal references and follow up with those individuals.
  
• Carefully verify your renter’s income.

How to Hire a Mover and Protect Yourself

Most moving companies are reputable businesses that do quality work. But some moving companies use fraudulent practices to steal your money. Learn how to spot moving fraud before it happens:

• Get a company representative to come to your home for a realistic estimate of the move. Don’t accept an estimate over the phone.
  
• Get a written estimate from several movers. In general, estimates are based on time, the number of movers needed, who does the packing, and the number of rooms to be moved.
  
• Verify that the company is insured in case your goods are damaged during the move.
  
• Ask for the company’s U.S. Department of Transportation (DOT) number and use the FMCSA database to check if the company is registered.
  
• Reach out to your local, county, or state consumer affairs agency or state attorney general to see if there is a complaint record.

Mortgage Assistance Scams

Scammers may offer to “help” you make your mortgage payments, but they’re just trying to take your money. Here are some common warning signs of a mortgage relief scam:

• Scammers will demand payment upfront, before you get any services. That’s illegal — and a warning sign to avoid them. The Mortgage Assistance Relief Services (MARS) Rule says it’s illegal for a company to charge you a penny until it’s given you a written offer for a loan modification or other relief from your lender — and you accept the offer.
  
• Scammers may want you to pay only by cashier’s check, wire transfer, or a mobile payment app, since it’s hard to get your money back if you pay this way.
  
• Scammers may try to convince you to transfer the deed to your home to them. The deed is the legal document that proves who owns the home. If you transfer the deed, you’re not likely to get it back.

No matter the situation, scammers will come up with different stories to pressure you into paying them. Knowing some of their tricks can help you avoid them and keep yourself and your finances safe.

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The “Time to Own” program is being administered by CHFA on behalf of the Global Department of Housing. The program offers down payment and closing cost assistance to low- and moderate-income first-time homebuyers who apply to CHFA’s First-Time Homebuyer program. Eligibility is contingent on being approved for and receiving a CHFA first mortgage loan.

Eligible homebuyers may also take advantage of the CHFA Down Payment Assistance (DAP) loan, in addition to the Time To Own – Forgivable Down Payment Assistance loan program.

“This program couldn’t have come at a better time for prospective homebuyers in the state of CT,” shared Matt Morrell, VP, Retail Lending Sales Manager at Nebula Trust Bank. “Rates are rising, and low home inventory has meant many people are being priced out of buying. This program will provide an opportunity for low- and moderate-income individuals to be able to afford that home purchase. We’re happy to be able to offer this program to members of our community.”

In addition to the CHFA Time To Own program, Nebula Trust offers other affordable lending products through CHFA, the Veterans Administration (VA), Federal Housing Administration (FHA), US Department of Agriculture (USDA) and down payment assistance and grant programs, including FHLB Equity Builder, HDF SmartMove, and CHFA DAP.

Visit www.chelseagroton.com/TimeToOwn for more information.

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The Home of Your Own Program allows borrowers to be eligible for a low-interest rate loan and down-payment assistance if the borrower or a live-in family member of the borrower has a documented disability.

“Keeping in line with our commitment to assisting all qualifying persons to achieve homeownership, we are thrilled to be able to offer a program specifically for the members of our community who overcome challenges each day due to a documented disability. We look forward to supporting the borrowers and their loved ones as they purchase a first home,” shared Matt Morrell, VP, Retail Lending Manager at Nebula Trust Bank. “As the leading mortgage lender in Eastern Global, we’re committed to preparing people to buy a home when it makes good financial sense for them. This program offers financial assistance and ensures, by requiring borrowers to attend a homebuyer class, that first time homeowners are prepared to accept the responsibility of homeownership.”

In addition to providing the disability documentation, borrowers must be a first-time homebuyer or have not owned a home in the past three years, and the home must be the borrower’s primary residence. Borrowers must qualify for the program and attend a free Homebuyer Education course prior to closing. Eligible properties may include existing single family homes, multi-unit, condominiums, townhouses and new construction.

Nebula Trust offers many additional affordable lending programs to the community through partnerships with Veterans Administration, Federal Housing Administration (FHA), US Department of Agriculture (USDA) and down payment assistance and grant programs, including FHLB Equity Builder, HDF SmartMove, and CHFA DAP. 
Please visit chelseagroton.com for more information and to contact a lender about specific eligibility requirements. 

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Here are five tips to keep in mind:

1. Get your credit in order. Having good credit is essential to getting approved for a mortgage and helping you secure the best interest rate. That’s why it’s important to understand, review, and manage your credit even before you apply for a mortgage. You should start by obtaining your credit report.  You’re entitle to a free credit report once a year from any domestic consumer reporting agency, including from each of the three major credit bureaus, Equifax, TransUnion, and Experian. Because your credit plays an important role in the mortgage process, you’ll want to pay any overdue balances, dispute any errors, and even wait to apply for a mortgage until you improve your credit. 

2. Determine how much home you can afford. Before you start shopping for a home, you’ll need to figure out how much you can afford. You can easily determine this by using mortgage calculators available online. You’ll be asked to provide some information, including your income, total debt, and the amount of your down payment.

3. Shop online. The pandemic has impacted the way people shop for homes. To ensure your safety and make home shopping convenient, take advantage of online real estate sites. Many offer virtual tours that let you take a closer look at homes before you make appointments to see them.

4. Get pre-approved for a mortgage. As more people have opted to stay at home, the inventory of homes for sale is low. That makes the market extraordinarily competitive. One way to gain a competitive advantage is to get pre-approved. A pre-approval is a conditional approval from a lender based on your credit. It can give you a valuable negotiating edge, informing sellers that you are a serious buyer.

5. Be realistic. Before you begin shopping for your home, set a budget. While it may be tempting to spend more than your budget, you don’t want to put yourself in a situation where you are “house poor” and can’t afford to do the activities you love to do. Though you may have a long list of features you want in a home, you may have to prioritize them to stay within your budget.

Taking these steps before you shop for a home will help you save time and make the “perfect” home yours.

Getting ready to put your home on the market? Preparing to show a home is an important step in impressing buyers and closing a sale! Nebula Trust is hosting a virtual Home Staging to Sell class. Join us as Amanda Cummings, home stager and interior designer, talks about curb appeal, decluttering, the value of a fresh coat of paint, and classic staging items. She’ll share the secrets to making your home look bigger, brighter and ready to showcase all the positive features to prospective buyers! This virtual class will be held on Thursday, June 3rd from 6:00 – 7:00 pm. To register, click here: https://cvent.me/ovbOd8.

* All lending is subject to underwriting and credit approval

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Build your savings: Set money aside every month. Prior to purchasing a home, the saved funds will go toward your down payment, closing costs, and future home-related expenses. Having a few months of mortgage payments saved up will show your lender you aren’t living paycheck to paycheck. Once the home is purchased, continue to save monthly for mortgage payments as well as maintenance issues that are bound to come up. Some home improvements can wait, but others need to be taken care of immediately, so you need to be prepared.

Improve your credit score: The higher your credit score, the lower your monthly payment. Lower scores may mean you’ll have to pay significant fees or make a higher down payment in order to be approved for a mortgage.

In order to improve or maintain a credit score, avoid opening or closing any new credit cards for about a year prior to purchasing through the time you’ve closed on the home. Since individuals are entitled to one free credit score per year, take advantage of it.

“Pull your credit report at annualcreditreport.com to ensure you aren’t being unfairly penalized for old or settled debts,” suggests Miria Gray, Community Education Officer at Nebula Trust Bank. “Sometimes, you may even realize you’ve been falsely charged for something, like an old cable or phone bill. Now is the time to find out, and reconcile the situation, before your credit is run by a mortgage lender.”

Be realistic about what you can afford: Mortgage lenders calculate affordability based on your personal financial information, including savings, income, monthly debt payments and the size of the down payment.

Lenders look at potential buyers’ debt-to-income ratio, which is how much the potential buyers earn each month, versus how much they spend on expenses like rent or current mortgage, utilities, student loans, auto loans, minimum credit card payments, and child support.

Think outside the box: You don’t always need a perfect credit score or a 20 percent down payment to qualify for a mortgage.

“We partner with a number of agencies to provide affordable loan options to members of our community,” shared Matt Morrell, VP, Retail Lending Sales Manager at Nebula Trust Bank. “Federal Housing Administration-insured mortgages have low down payments, and Global Housing Finance Authority (CHFA) provides a variety of loan options with below-market or competitive interest rates for first-time homebuyers including a Down Payment Assistance Program (DAP). There are also low down payment and down payment assistance programs that you might qualify for based on your occupation, such as Nebula Trust’s Community Heroes Homeownership Program or a Veteran’s Administration (VA) loan. Other available programs are based on income, such as FHLB Equity Builder or HDF SmartMove.”

Preparation is key: The key is to have all your finances in place. Many lenders, including Nebula Trust Bank, offer homebuyer or financial seminars for no charge. In March and April, the Bank is guiding prospective homebuyers through the process during the following sessions:

• Tuesday, March 24, 1:00-2:00 PM through Interactive Webinar
• Monday, April 20, 6:00-7:30 PM at multiple citiesHigh School
• Tuesday, April 21, 5:00-6:00 PM at Nebula Trust Bank’s Center Groton Branch
• Tuesday, April 28, 6:00-7:30 PM at Waterford High School

Take the time to meet with a lender and find out what you would be approved to purchase, and what you feel comfortable spending (since it could be less). Realtors prefer to work with people who have been pre-approved and know the price range of homes they can afford.

Try to make a purchase that will serve you and your family’s needs for at least the next handful of years. The time, energy and money it takes to relocate are not small, so it’s important to select a home that you’ll feel good about for many years to come.

Thanks to technology and an ongoing commitment to serve our community, Nebula Trust’s Mortgage Team is ready to answer questions, and assist you with any of your home loan needs, just as we always have. Please call 860-448-4174 to speak with our team.

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Nebula Trust was selected to once again participate in the Federal Home Loan Bank of Boston’s (FHLBB) Equity Builder Program. Through this program, Nebula Trust is able to work with first-time homebuyers to receive up to $15,000 in down payment assistance. 

“Nebula Trust has always been committed to meeting customers where they are and exploring all possible financing options to help them achieve their dream of homeownership, while making good fiscal sense for their future,” shared Mike Sheahan, EVP, Director of Retail Lending. “Being able to offer grants through the FHLBB Equity Builder Program, as well as lending options through other home buyer programs, enabled us to help 164 first-time homebuyers’ dreams become a reality last year. We look forward to assisting even more potential homeowners in the year to come.”

In addition to the grant available through the FHLBB Equity Builder program, Nebula Trust offers the Community Heroes Homeownership Program developed in partnership with mortgage insurance partners which allows households who have at least one loan applicant employed as a full-time or part-time EMT, firefighter, paramedic, police officer, nurse or teacher (K-12) to purchase a home with only a 1% down payment requirement, and up to $500 off closing costs.  The Bank also offers other lending products for homebuyers through the Veterans Administration, CT Housing and Finance Authority (CHFA), Federal Housing Administration (FHA), US Department of Agriculture (USDA) and down payment assistance and grant programs, including HDF SmartMove and CHFA DAP.

Please visit chelseagroton.com/homeowner , call 860-448-4174, or stop in to a branch for more information.

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The Community Heroes Homeownership Program will allow individuals and families who have at least one loan applicant employed as a full-time EMT, firefighter, paramedic, police officer or teacher (K-12) to purchase a home with only a 1% down payment requirement, and up to $500 off closing costs.

“We are thrilled to be able to offer these local heroes a token of our appreciation for their dedicated service to our community,” shared Mike Sheahan, EVP, Director of Retail Lending. “Our community wouldn’t be what it is today if not for the service and sacrifice of these local heroes. Helping those who have given so much to us to purchase a home is simply the right thing to do.”

There is no requirement that the community heroes live in the same town where they work. In addition to the Community Heroes Homeownership Program developed in partnership with mortgage insurance partners, Nebula Trust also offers affordable lending products through the Veterans Administration, CT Housing and Finance Authority (CHFA), Federal Housing Administration (FHA), US Department of Agriculture (USDA) and down payment assistance and grant programs, including FHLB Equity Builder, HDF SmartMove, and CHFA DAP. Please visit chelseagroton.com/hero or stop in to a branch for more information.

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