Tuesday, August 25, 2009

Caution - if it sounds too good to be true........

One of our clients contacted us last week asking if we were familiar with an FHA loan offering with a super low interest rate of 4 7/8 %. He had received a letter in the mail with government-type headings/logos, using the pretext of the government's stimulus bill as the reason behind the low interest rate.

The closing costs seemed super high so he wondered if we had heard of this program. We had not and told him to proceed with caution but only after checking with several other mortgage professionals the team had experience with and trusted.

When he called the number on the letter for more information, they finally admitted that this was not an FHA loan, and the very low rate of 4 7/8% had a point included in the closing costs.

He asked that we let other clients know there are still unscrupulous loan folks out there trying to take advantage so remember….

If it sounds too good to be true, it probably is! Be careful out there.

Questions? Concerns? Contact us and we’ll help. That’s what we are here for.

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