With mortgage refinance rates continuing to hover near historic lows, now could be a good time to angle for a better deal on your home loan. As of February 26, mortgage refinancing accounted for 67.5% of total weekly home loan applications, according to the Mortgage Bankers Association.
But there’s one thing to watch out for — mortgage refinance scams.
Scams involving fraudulent mortgage refinance loans have become particularly problematic as a result of COVID-19. With people struggling to make mortgage payments, homeowners may be an easy target for fraudsters. Knowing how to avoid scams can help you protect your financial and personal information.
If you’re thinking of refinancing, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in as little as three minutes.