National Mortgage Complaint Center Warns Homeowners About Mortgage Refinance Scams & Explains How Homeowners About To Refinance Can Save Money

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The National Mortgage Complaint Center is one of the most quoted groups in the nation on predatory mortgage lending, and the group is urging homeowners to be on guard against flim flam mortgage refinance scams. The group is warning all homeowners, considering a refinance to not fall for a radio commercial, or Internet pop up advertisement offering 30 year fixed rate mortgages below 2.6%. The 2.6% type mortgage radio commercials, are not in fact 30 year fixed mortgages, they are adjustable rate mortgages, that will only stay at the teaser rate for a certain length of time. The group is also saying, "If you are about to refinance, almost every U.S. State requires title insurance companies to offer a reissue rate, that is greatly discounted over the title fee, a homeowner originally paid for the mortgage. The National Mortgage Complaint Center says, "typically mortgage lenders, or banks fail to tell a homeowner about the title insurance reissue rate. The reissue title insurance rate typically will save a homeowner about to refinance their home hundreds of dollars. The catch is the homeowner has to use their existing title insurance company for the refinance." http://NationalMortgageComplaintCenter.Com

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typically mortgage lenders, or banks fail to tell a homeowner about the title insurance reissue rate.

The National Mortgage Complaint Center is urging homeowners thinking about refinancing their home to not fall for a slick radio, or Internet advertisement offering interest rates that do not exist. The group says, "As we write this press release we are looking at a phoney Internet pop up ad that says, quote en quote Mortgage Rates hit 2.6%. Its not a 30 year fixed interest rate, and we think this is misleading. If a homeowner wants to see what the current best interest rates are nationwide, Google American Interbanc, go to their web site, and click on their rate page. We have endorsed this company five years in a row, and while they may not lend in your state, their rate sheet will give you an accurate picture of national mortgage interest rates." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center is also urging homeowners about to refinance their mortgage to reuse their existing title insurance company, because most states require title insurance companies to offer what is called a reissue title insurance rate, at a significant discount. What this all translates into hundreds of dollars in savings to an average homeowner, about to refinance their home loan. http://NationalMortgageComplaintCenter.Com

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