i was told i could get a refi rate for 2.4%

not really a scam but many details exist with this type of financing. Isn't your current rate good already?

First, most professionals in the mortgage business ,will not quote a rate , unless they have seen your credit report and full documentation of income, tax returns, bank statements , due to the factors that go into a loan.. I have had 25 yrs experience in all phases of the mortgage industry, and in all my time , I have probably only quoted 20 rates over the life time in the business. I have been a compliance officer, funder, doc drawer, and a credit underwriter, so i speak from experience.. my email is yourloanpartnerforlife@live.com linda

Well this isn't necessarily a scam, but want you to believe this is a fixed rate, when it is in fact a variable rate. Fixed rates are in the 4's at this point. So the short answer is NO, you aren't refinancing to a 30 year fixed rate at 2.4%. If you have any questions just let me know if I can help.

Sometimes people will tell you what you want to hear just to get you on the hook, and when they know nothing about you or your situation and they're quoting you a rate, that should be an indicator of who you are dealing with. Like I said, that rate isn't fixed. They want to get you in, get your information and then let you know later that it isn't fixed, hoping that you will do it anyway. Run.

If this does actually exist, it will most like cost you thousands of dollars to buy down to this rate. On the 5/1 arms, today, the rates are about 3.25%. This type of loan is fixed for only 5 years then after that it will be adjustable. 15 year mortgages are in the mid to high 3's percentage wise, and 30 years lower 4's.hope this this...but the 2.4 it a teaser to see if they can draw you in and then do a bait and switch scenario.that is my opinion.

bait and switch marketing that we all have seen for many years. The great rates are gone, so I am sure your Ok, Go do something else.

It's possible, but as they say.. "the devil is in the details".. of which, you provided none.. so if your refinancing for 10 years fixed with a loan to value below 60%, and you have a 760 credit score, and your paying 3 points, then yes.. 2.4% might be available.. Or it's a 3 year ARM with 3 points up front.. or who knows what, but i would bet that once you go and apply, this 2.4% rate wont even be mentioned.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sounds very suspect. If someone hasn't looked at your profile, income,assets,debts, loan amount, loan to value and credit and they throw a rate at you, I would definitely get a second opinion. If they still tell you 2.4% let me know who it is so I can refi with them as well, as long as the APR isn't 10%.

You are right to be wary. This is almost certainly not a fixed rate loan and may or may not have a considerable amount of money due at close for discount points and fees. If you are wanting to refinance or see what your options are, speak with a few mortgage professionals in your area and give them the full picture.

ALSO, what loan size is your refi? That will make a big difference also.. Conforming under $417,000 or over ? linda

The rate may be real, but is likely with terms and conditions you don't want. A 30-year fixed for example is around 4.50% today for the best customers. That is going to be a short-term adjustable with a bunch of discount points.

Not a 30-year fixed, for sure.

This isn't a scam, but it also isn't the full truth. The truth is almost no one, if not anyone at all ever gets that rate. Why? For a couple of reasons: 1 - The ad was produced days, weeks even months ago and that rate is no longer available to anyone. 2 - The rate advertised is for a "best case scenario", which is usually 740+ FICO score, single family home, 75 percent loan-to-value, no second liens on the property, rate-and-term refinance or purchase (not a cash-out refinance), 3 - it's ARM being advertised as a "fixed-rate" because it is fixed for a period of time, just not 30 years. 4 - These ads are from lead services for lenders, like LowerMyBills.com, so they don't have to disclose the terms of getting that rate and the APR. So to get your actual rate you'll need to talk to a loan officer.