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Carmen Wong Ulrich: Be proactive instead of taking calls!

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.)

Marsha asked:

“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.”

Carmen replied:

“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.”

Here’s the full chat archive:

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