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Signs of a Refinance Scam

If you are considering a refinance, you may be leery of offers that lenders are able to provide and might wonder if you are a becoming a victim of a refinance scam. While there are many qualified and licensed lending companies that provide legitimate services, there are always one or two small players who try to make extra money dishonestly.Here ate As scammers get more sophisticated, there are still some tell-tale signs that you can look for to see if you should proceed with a great deal, or if you should run as fast as you can to avoid being taken advantage of.

Here at, we’re proud to say that all the lending institutions and loan originators are pre-screened and reputable. By completing our simple contact form, you can be confident that the person calling you has your best interests at heart. Contact us today.

Don’t be a Victim! Know the Signs of Mortgage Refinance Scams!

First of all, do some research online. Before you decide on a mortgage company, do some research and find out what other people have said about them. Look for reviews and testimonials from people who have worked with them in the past. Sure, there may be some negative reviews from people who feel like they could have gotten a better deal, but that is fine. Every company has some unhappy customers. Just watch out for reviews that mention dishonest or shady behavior. Find a reputable lender here.

Check NMLS Consumer Access

Possibly the best resource to check an individual’s credentials is the newly-developed Nationwide Mortgage Licensing System, or NMLS. With NMLS Consumer Access, a member of the general public can see if a company or individual is licensed. Furthermore, you can see if an regulatory/disciplinary actions have been taken. Steer clear of anyone who does not have a clean NMLS record.

Cold Calls

If a lending company calls you, and you haven’t requested the call via an online quote form or other contact request, you are most likely being cold called. Legitimate lenders will not cold call or go door-to-door to pitch refinance services. Do not give any such individual personal information or details about your financial situation or home. It might not be a scam, but why take the chance? It’s possible you are being solicited by an unscrupulous individual. Contact a licensed, legitimate lender here.

High Pressure Tactics

Another way to tell if you are being scammed is if you are being pressured to pay fees up front. In most cases it’s illegal for the lender to accept upfront payment for loan services not rendered, except for a small application fee which is applicable to final loan costs, or third party fees like a credit report or appraisal.

Additionally, the lender should give you a variety of rates and fees to choose from. Avoid high-pressure situations regarding the rate. While a lender cannot guarantee a rate forever due to normal flux in the market, they should give you time to consider different rates and loan programs, if you qualify for more than one program. The final decision is yours, not your loan officer’s.

The Refinance must Benefit YOU

Make sure the lender is giving you offers that benefit you. Whether the benefit is a lower monthly payment, lower interest rate, shorter loan term, or converting an adjustable rate loan to a fixed rate loan, a refinance should always be associated with a borrower benefit.

If you are looking for a refinance, follow common sense and make sure that your sources check out. If you have a friend who has refinanced, ask them for referrals and ask how their experience was. Going with a national lender or a national bank is a great way to ensure that you won’t be getting scammed, and that if you have a bad experience you will be able to complain and get customer service as opposed to being forgotten. Take your time to make a wise decision.

I’m Ready to Apply with a Reputable Lender

All of the lending companies and loan officers we’ve chosen to work are pre-screened, reputable, and have your best interests in mind. Complete a simple 1-minute form to be connected with a mortgage professional today.