What are the refinancing scams to look out for?

What are the refinancing scams to look out for?

Ron Goodlin (Mortgage Banker and Broker, The Goodlin Group) gives expert video advice on: Generally how far do interest rates need to drop to make it worthwhile for me to refinance?; What can I do if I disagree with the banks appraisal of my home?; Are too good to be true loan offers usually too good to be true? and more...

The refinance scams to look out for involve paying points and also pre-payment penalties. Sometimes people think they are saving a lot of money, but once they really pencil it out they have to pay three or four thousand dollars in fees. Or, if someone is trying to charge a lot of points, a lot of times it might not make financial sense for you to refinance. It's something that I would break down for you on paper and if it makes financial sense, we do it now. If not, we wait for financial rates to fall.