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• The lender may promise one type of loan or interest rate but, without good reason, gives you a different one. Sometimes a higher (and unaffordable) interest rate doesn't kick in until months after you have begun to pay on your loan.

  State of New Jersey, Department of Banking & Insurance - Cite This Source - This Definition
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  Cite Definition for "Bait-and-switch" schemes

  American Psychological Association (APA)

  "Bait-and-switch" schemes. (n.d.). Glossary of Common Mortgage Terms. Retrieved March 28, 2023, from website: http://www.expertglossary.com/definition/bait-and-switch-schemes.

  Chicago Manual of Style (CMS)

  "Bait-and-switch" schemes. www.newjersey.gov. Glossary of Common Mortgage Terms. State of New Jersey, Department of Banking & Insurance. http://www.expertglossary.com/definition/bait-and-switch-schemes (accessed: March 28, 2023).

  Modern Language Association (MLA)

  ""Bait-and-switch" schemes." Glossary of Common Mortgage Terms. State of New Jersey, Department of Banking & Insurance. 28 March. 2023 http://www.expertglossary.com/definition/bait-and-switch-schemes.

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