A letter arrives in the mail addressed to you at your current address. Your current lender’s name is also shown on the inside letter and an important seal of authenticity. Facts about your mortgage are listed, the date of your last mortgage, the original loan amount and the interest rate. A few additional calculations are added showing how much your “current lender” can save you per month by refinancing.
You’ve been scammed!
Your current lender did not send the letter. It’s a company pretending to be and hopes you will pick up the phone and call to inquire. BEWARE! Do not call! The initial offer is false. They may ask for money over the phone to get your application started. DON’T. Never pay an application fee over the phone or via the internet. You may never get the money back. Usually the final closing costs or interest rate worsen and unsuspecting consumers find the final mortgage is not what was promised.
How do you determine which offer is legitimate or not? Here’s a clue…if it arrived via phone, internet or in the mail in a different envelope than your monthly mortgage statement – it’s a scam.
Equal Housing Lender.