Watch out for mortgage refinance scams

BBB Consumer Alerts

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The BBB urges consumers to use caution when dealing mortgage companies or brokers who approach you with an unsolicited mortgage refinance offer. If you are contacted by telephone, email, or text and you did not initiate the contact – beware! This is typically a scammer tactic to entice consumers to give out personal information that can be used for identity theft or even solicit money for services not yet provided. The hook is a low interest rate guarantee.

According to Deborah Kearns of NerdWallet, “If you’re looking to refinance, it can be hard to tell the legit offers from the bogus ones. Any time you receive an offer that asks you to reveal personal information in exchange for a specific service, you should be suspicious….. What’s more, you must have your current lender approve and sign off on any such change, and that’s not going to happen over email or a phone call with a third party.”

Click here to learn more about How to Spot Mortgage Refinance Scams

To learn more about scams, go to BBB Scam Stopper and to report a scam go to BBB Scam Tracker.

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