Post Content

With the Federal Reserve Bank expected to increase interest rates, many homeowners are considering refinancing their home. Scammers are taking advantage of this by offering cheap interest rates that require an upfront fee. They are also targeting homeowners who may be late on their mortgage payments. These fraudsters advertise refinancing “bargains” through email, flyers, and phone calls. They are demanding an upfront fee in order to “guarantee” the rate agreed upon. Once you agree and pay the fee the scammers disappear with your money.

Unless you are very familiar with a company, or have been referred by a trusted source, you should never pay upfront fees. Here are some other tactics scammers use to persuade you to refinance:

  •  Using words like “limited time offer” or “act fast” to pressure you to make a decision quickly.
  • Claiming to be a part of a government program or another notable institution to induce you to accept their offer.
  • Insisting that you stop making payments to your current mortgage lender, which can negatively impact your credit rating.

Do not make a hasty decision, especially if the deal seems too good to be true.  Take the time to research and compare refinance options so that you can protect yourself from scams and work with a legitimate and reputable lender with a competitive offer.

Written By:

Recent Posts

Great Outdoors Month 2022 posted on May 17

Great Outdoors Month 2022

As the weathers warms up and school vacation is fast approaching, new adventures are on the horizon for many looking to take advantage of the New England Summer. For the third consecutive year, June is nationally recognized as ‘Great Outdoors Month,’ a time to explore   …Continue Reading Great Outdoors Month 2022

International Records and Information Management Awareness Month posted on Apr 28

International Records and Information Management Awareness Month

There are many reasons to celebrate the month of April, including International Records and Information Management (RIM) Awareness Month.  This globally recognized time highlights the importance and necessity of establishing and implementing policies, systems, and procedures to capture, create, access, distribute, use, store, secure, and   …Continue Reading International Records and Information Management Awareness Month

Fair Housing Month: 2022 posted on Apr 20

Fair Housing Month: 2022

The month of April is dedicated to recognizing the Fair Housing Act of 1968. During this month, The Department of Housing and Urban Development along with other governmental entities and housing-focused groups hold events, panels, and seminars to help educate the public about fair housing,   …Continue Reading Fair Housing Month: 2022