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Lately I've been getting a lot of phone calls from my clients telling me about mailers they are getting almost daily from their current mortgage lender and a bunch of others with offers to refinance their homes.
All of them want to know if these deals are real? So let's start from the top. About 99% of the time that you think it's your current lender sending this stuff to you, it's not.
Your name, your address, your current loan amount and interest rate, whether it is adjustable, when a prepayment penalty expires, and the lender that you are currently with, is all public information and big direct mail companies buy the lists right from the courthouse and trick you into thinking that they are your current lender.
They also throw in some scam phrases that make you think you have already been approved, but if you look at the fine print it says "may be approved", or "may decrease your payments", or "may be eligible".
Another trick they use is they put "file numbers" or "case numbers" on the mailer to make you think it is tied to your loan. In reality, each set of mailings they send out have the exact same file number. This is so they can track which letter you respond to. This allows them to know which letter to re-use in the future because it tricked the most people.
I saw one the other day that used the phrase "entitled homeowner". This made it sound like it was some special government program.
Other letters may say that there are only a certain number of people who are eligible and that the offer "expires" in two weeks.
There are no programs that only allow a certain amount of people in, and no programs that have some sort of magic "window of opportunity" date. These are all deceptions and lies.
You see the problem with all these letters is that your letter could be one of many scams with all these hidden fees and one that is doing what is going to put the most money in the mail marketer's pocket, and not what is in your best interest.
But, if you just throw it away, you could be throwing away something that is a real honest offer - one that would be in your best interest.
So what would I do? Well, to help you decide if what you are being sent is right for you, give me a call and I'll take a look at it with you. We can do this right over the phone. Feel free to fax, email, or even snail mail it to me.
I will review it with you and find out if this is something that will benefit you, or just another one of the many scams. This will cost you nothing, will take about 10 minutes of your time, and you are getting an expert's 2nd opinion.
Would you go have surgery without a second opinion? Don't make a huge mistake on what is probably one of the largest financial decision that you will make in your life, without a 2nd opinion from me, somebody you can trust!
Well thanks for letting me come into your life today. Make sure you let me know when you or your family are getting the "itch" to begin looking for a new home. I'm looking forward to hearing from you soon!
Sincerely,
Ken
951-760-3833
CA DRE License #01418440
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