- If the interest rate is too good to be true, it probably is.
How to Avoid Refinance Scams
When it comes to money, we all want our share. Unfortunately, some people are willing to do almost anything to get it. Since the purchase of a home is likely the largest investment many of us will make, many of these predators target homeowners. While this should raise some concern, there is no need to panic. There are a few things we can all do to avoid refinance scams:
No Fairy Tales
Whenever you see an interest rate that seems too good to be true, the chances are it probably is. Avoid ads that scream out how low their interest rate is. In today’s mortgage market, almost every rate is low. Terms like "Introductory Rate" and "no-cost" can also be red flags for refinance scams.
Your Action or No Action
If you are contacted by a loan provider looking to offer you a refinance, be wary of dealing with them. Unsolicited action like this is a sure sign that you aren’t going to be the winner in this deal. Make your own moves when it comes to refinancing if you want to be successful.
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