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04Aug
When refinancing booms, so do scams and screw-ups
Aug 4
Whenever rates are low, people flock to lenders to refinance their mortgages. But for inexperienced shoppers who don’t watch their backs, the refi boom can turn into a bust.
Busy periods make it easier for sly mortgage lenders and brokers to mislead and take advantage of naive consumers by using any number of tricks, from quoting bogus rates over the telephone to slipping gratuitous costs into their loans. To avoid these problems — as well as other trip-ups posed by the confusing mortgage process itself — consumers have to brush up on their shopping skills. Read Full Article
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