How can I tell if a refi offer is a scam?

Sadly, many lenders (Tradition Banks and big on-line lenders) offer 'teaser' rates. Many of them use tactics that are just short of the legal definition of bait and switch. By law, the rate advertised must reasonably be available when they make it. What I find is that they offer a really low note rate, fail to fully inform the applicant of the conditions that must be met and then once they think you are 'all-in' (been waiting so long, you just want to get it done) they will tell you that 'Unfortunately because of [fill in the excuse here] you don't qualify for the rate and terms they promised you, but we can get you to escrow at [insert higher rate and fees here]. Another tactic is they offer you a reasonable rate and terms, but slightly better than what most of the rest of the lending can offer BUT they neglect to tell you that it will take them 60-90 days to close escrow, whereas most Brokers can close escrow in 30-45 days and still some of us can close in 21-30 days depending on what you are trying to do. To protect yourself, I recommend that you ignore the TV ads, the letters, postcards and emails that you get hyping a new loan and instead, reach out to a Mortgage Brokerage licensed in your state and get a quote. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except VA and we're pending approval in MA and NY. ~ www.ApplyYes.com 480-889-9000.

There sadly are still plenty of bait-n-switch advertising despite attempts to end it. My advice is to ignore any offers in the mail, and avoid the big internet lenders, like the Quick ones, Rockets, and Trees (if you catch my drift). Also understand a huge amount of false advertising is actually not done by lenders, but instead by big aggregate sites who advertise rates that even god couldn't qualify for. You submit your information, and these places simply sell your data to as many actual lenders as they can, who all then telemarket you to death. My best advice? Stick to LOCAL lenders whos office you could drive to, that you called yourself. I lend in MN Wi IA ND SD. I can be found at JoeMetzler.com - NMLS 274132