Don’t Fall For It…

The intersection of Facebook, Mortgages, and Celebrity Endorsements might fool SOME people. But not you…

Here’s the “It” I’m talking about. Screen shot from Facebook.

Barbara Corcoran

No. Let’s talk about what’s wrong with this.

First of all, it’s HARP they’re talking about

I clicked through the link – so you don’t have to – and Barbara Corcoran (from Shark Tank and NY Real Estate fame) doesn’t care whether or not you sign up for the government’s Home Affordability program, known as “HARP.” (Home Affordable Refinance Program.) (THIS LINK, not one with “dot-org,” is the one to check out for official government info.)

Second, she’s not endorsing it

We were nice enough to link to Barbara’s web page, but the people at the above-referenced site (who don’t deserve a link) only say at the bottom that “no endorsement is implied.” How lovely.

Third, it’s not a “Brilliant” tip

Refinancing is not brilliant. In fact, it may not even make SENSE. (Like, if you’re paying 4% on a 30-year mortgage, but you’ve had the mortgage for 7 years and you’re up-to-date on it anyway. Really – are you interested in starting the clock OVER? With a new 30-year mortgage, having paid seven years of it off, you’re, in effect, looking at a 37-year mortgage.)

They’re marketing to you like you’re a child – don’t fall for it.

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