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Old 09-28-2020, 11:39 PM
 
Location: Redwood Shores, CA
1,651 posts, read 1,285,949 times
Reputation: 1605

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I often get loan or re-finance solicitations. The last one caught my eye because:

1) I am actually in the process of applying for re-finance, and this company appears to know it; the loan amount is correct

2) The rate is very attractive at 2.5%

I am interested, but am wondering if this could be some scam from someone I completely don't know. Any advice on this type of solicitation?

Unsolicited re-finance offer -- are they safe to engage?-refinance-solicitation.jpg
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Old 09-29-2020, 01:52 AM
 
8,562 posts, read 12,339,419 times
Reputation: 16473
As long as you don't give them any money up-front, it might be worth checking it out. First, try searching online for any information about the company. I'm curious, though: does anyone know how someone can find out details about a person's loan application? That's the part that would concern me, too.
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Old 09-29-2020, 04:28 AM
 
Location: NJ
1,860 posts, read 1,234,786 times
Reputation: 6027
While Im not sure how they know hes refinancing currently, sales records are public knowledge and you can pinpoint usually about whats owed that way.

They may be mass mailing and shooting into the dark, assuming everyone is refinancing because rates are low. So they advertise to everyone that they can beat their current refinancing terms even if the person isnt actively refinancing since so many people are.

Ive received letters like this and not been in the middle of a refi
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Old 09-29-2020, 05:19 AM
 
Location: Charleston, SC
7,103 posts, read 5,956,832 times
Reputation: 5712
Quote:
Originally Posted by RobertFisher View Post
I often get loan or re-finance solicitations. The last one caught my eye because:

1) I am actually in the process of applying for re-finance, and this company appears to know it; the loan amount is correct

2) The rate is very attractive at 2.5%

I am interested, but am wondering if this could be some scam from someone I completely don't know. Any advice on this type of solicitation?

Attachment 224149
As soon as you apply for a mortgage, other mortgage companies (who are soft pinging your credit) get notified and their computer systems start a mailer to you. It's legit but you will be disappointed by the interest rate as it's never what's advertised. That rate, I'm sure is for 800plus score, short term, with a maximum buy down.
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Old 09-29-2020, 07:22 AM
 
8,076 posts, read 10,035,259 times
Reputation: 22658
Quote:
Originally Posted by WiseManOnceSaid View Post
As soon as you apply for a mortgage, other mortgage companies (who are soft pinging your credit) get notified and their computer systems start a mailer to you. It's legit but you will be disappointed by the interest rate as it's never what's advertised. That rate, I'm sure is for 800plus score, short term, with a maximum buy down.
This.

Plus, people still don't realize that their entire lives are available to the electronic world. Cameras, pictures, web activity, buying, selling, purchasing...it is all part of your public record and available to anyone who does a little leg work.

IF you make ANY transaction or post anything on the web, restricted/password protected or not, it is PUBLIC.
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