July 13, 2011 at 2:22 PM ET
Today Money financial expert Carmen Wong Ulrich joined us for a live Web chat Wednesday to answer your questions.
Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Carmen’s TV appearance this morning.)
“Carmen, I have been getting phone calls about refinancing my home mortgage under a Federal program... is this a legal program or a scam? I'd really like to refinance, but my bank said I am not able to with them.”
“Marsha -- a great question. I can't tell for sure it's a scam without a name but, chances are, I'd stay away from folks who approach you by phone. Instead, shop around at a site like Bankrate.com to see who's offering what rates with mortgages -- if you have great credit and ample equity, you shouldn't have to pay 6 percent right now. It helps if you have a great relationship already with another bank, say, where you have your cash savings or credit cards. Approach them and be proactive instead of taking calls. Best of luck! Smart move.”
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