Beware of the home equity stripping scam!
The market for home equity loans and mortgage refinancing has been booming during the last five years. This increase in lending can be attributed to favorable interest rates and the aggressive pursuit of home loan customers by banks that aren’t investing in tech stocks anymore. The combination of agreeable lenders and low interest rates are certainly good for anyone seeking a home loan. Those considering borrowing against their equity should also be aware that the increased market for refinancing has led to fierce competition among those who offer home loans. And when the competition increases, so does the incidence of loan scams. Buyers should beware of...