Schumer warns of new mortgage scams

December 7, 2008 2:57:36 PM PST
Sen. Charles Schumer says the recent drop in mortgage rates means scammers may try to take advantage of homeowners looking to save money in a recession by refinancing. The recent dip in mortgage rates makes refinancing more attractive, the Democrat says, but he is warning New Yorkers that unscrupulous brokers may try to snare homeowners with deals packed with hidden fees and costs.

At a press conference in New York, the senator says "there's no free lunch, and there's no free refinanced mortgage."

While it is a good time for many New Yorkers to refinance their mortgages to lower fixed rates with reputable firms, the senator is urging New Yorkers to be wary of the sort of too-good-to-be-true radio ads and flyers.

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