Most people who fall into this trap are senior citizens and people who have zero knowledge of borrowing. People giving out the loan for a mortgage are always on the lookout for prey to feast on. They present “better” options to the borrowers and trick them into paying for more.
Fortunately, these lenders can be held accountable by the borrowers. If you have experienced some unusual activity or your lender has convinced you to refinance your loan, along with unjust terms and excessive charges, it is high time you contact an attorney or lawyer. Or, you can read this article and learn how to avoid falling into one of these traps.