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from: How To Avoid Scams While RefinancingRefinancing your mortgage is a great way to save money, gather more equity, and reduce your interest rates. Unfortunately, there will be shady lenders and brokers out to scam you of your hard earn cash and the chance to get that better deal. However, not all bad deals are the result of scams and unscrupulous lenders. Many are to due to the borrower’s lack of knowledge and preparation.
So, how can you recognize a scam? The answer is easy enough though it is often overlooked, and that is common sense. The first precaution you will need to avoid refinancing scams is plenty of research. Today with the internet, research on anything is quick and easy. A few phone calls, a few online searches and you will know enough about mortgages to recognize a scam. Become familiar with the mortgage lingo and the common phrases used, this will help cut through the quick talk and the acronym peppered speeches. While researching, you will also want to know what rights you have and what the lender's legal obligations are. You will be able to avoid any frauds that will take advantage of your rights as you go through the process of refinancing your mortgage if you can just be aware of exactly what is going on.
This research will even enable you to go through the paperwork process with only a minor headache and a complete understanding of what it is your John Hancock is scribbled on. Paperwork is often the quickest way one will use to scam you, so it is extremely important to read everything and understand it all before signing. If you have a question a reputable lender will be more than happy to provide an answer, so this is a telling sign. Do not sign with anyone that asks you to trust them blindly. While you read the paper work pay special attention to the fine print and additional fees that you will be asked to pay.
At all times you must remain vigilant against scams and frauds. A scam artist will never tell you that he is trying to take you for all you have, at least not out right. It is up to you to ask the right questions, read the paper work, and gather knowledge on your own. A reputable lender will be more than happy to share information, explain procedures, and answer any questions that you may have. It is generally a good idea to go with established refinancing companies with a history of service that and integrity that you can trust.
Be aware of common scams and frauds that usually pop up during advantageous times in the market. Do not flock to lenders that offer deals that are too good to be true; often times they are.
Vigilance and knowledge can be your two greatest allies in guarding yourself from scams.
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Mortgage Rates At 37- Year Low (WHIZ News Zanesville)
Mortgage rates have hit a 37 year low, which could mean good news for those looking to buy a home or refinance. Mortgage rates have been falling for nine straight weeks, putting 30 year fixed rates at 5.10%. So is now the best time to refinance?
Read more...Low mortgage rates don’t entice buyers (Fort Worth Business Press)
As mortgage rates continue to flirt with 30-year lows, local lenders say they’re seeing a definite uptick in refinancing inquiries, but the historic low rates have done little to convince on-the-fence home buyers to re-enter the market.
Read more...As Interest Rates Drop, Interest in Refinancing Jumps (WFMY News 2 Greensboro)
Mortgage consultants say a growing number of people want to take advantage of lower interest rates.
Read more...Mortgage rates near record-lows (KTIV Sioux City)
SIOUX CITY, Iowa (KTIV) Lately, for Mark Roos, days have been busier than normal. He's been getting several calls and e-mails daily from people interested in refinancing their home.
Read more...Question & Answer on mortgage refinancing (Boston Herald)
With mortgage rates at historic lows, lots of homeowners are debating whether to refinance their mortgages these days. True, refinancing can get you out of an adjustable-rate...
Read more...Peter Boutell, Lending a Hand: Some factors to consider when refinancing (Santa Cruz Sentinel)
The Fed's promise to spend $500 billion to buy mortgage-backed securities beginning in January has created historically low mortgage rates.
Read more...