Watch out for mortgage calls

CreditBloggers contributor Gerri Detweiler was featured in an article today about the rise in mortgage telemarketing scams. According to the article, there has been an increase in lenders trying to sell seemingly low cost refinance loans over the phone. The catch?  That low interest rate can come with hefty fees and bad terms:

"Their job is to come up with a better deal for you," says Gerri Detweiler, author of "The Ultimate Credit Handbook." "It may or may not be a real deal, something that you could actually qualify for and get, but they're going to promise you a 1% or 2% or 3% deal or something that is enough to get you to submit an application and for them to pull your credit report."

"What you get after they take an application and pull your credit may be very different than what they first suggested over the phone."

Be sure to fully scrutinize any loan offer that you receive by phone or mail. Just like you review the small print on a credit card offer, you should look for any hidden catches when it comes to a refinance loan. You can read more advice from Gerri in her recent article for Credit.com about debt reduction.