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Refinance Now! Low Rates!
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For the last month I’ve received the same spam fax in my email box almost every single day. In the mail, I receive all sorts of junk offers about how I can get a garbage 1% interest only refinance loan. Having just signed up for a 30-year mortgage less than five months ago, do they really think I’m going to refinance and pay out more closing costs? I realize they’re playing a numbers game, especially when email and faxes cost so little to send out, and assume that a small percentage will respond – but it smells so ridiculously bad that I don’t understand how even the 0.5% (or however many) even consider this an option.
The second best part of the advertisement are the following bullet points listed under “What are your needs? … We do it Better!!!“
- Debt Consolidation
- Bankruptcy OK
- Unlimited Cash Out
- Home Improvement
- Commercial Loans
- No Income Verification
How does that not smell like a scam or, at the very least, a bad idea? Considering that in order to get a mortgage in the first place I had to submit extensive income verification (and they called my place of employment) and bankruptcy was NOT OK, anyone who just received a mortgage must see red flags everywhere.
And best part is that they list loan amounts and monthly payments:
Loan Amount = Monthly Payment
$200k = $643.28
$300k = $964.92
$500k = $1,608.20
$1M = $3,213.40
$1M+ = call for payment
If you have a $1M+ mortgage and are seriously considering using a debt consolidation/refinance/company that sends spam faxes then you better call up a real estate agent instead because you’re overextended on your mortgage. 
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I always get a giggle out of the google ads that are served. I wrote an article about fake photography contests on the web, and what does google serve my blog? Fake photography contest ads. You write an article about mortgage scams and what does google serve you? Mortgage scam ads!
Gotta love it. I clicked them for good luck.