4 Scams to Avoid This Cyber Monday - Elevate Credit Union

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Posted By DeonMiller on November 27, 2019

4 Scams to Avoid this Cyber Monday

We all love shopping online and getting great deals, especially during the holidays. While shopping online, remember those deals might cost you more than the cost of the item. Cyber Monday has a high target rate for scammers. Here are 4 scams to avoid this Cyber Monday.

1. Bogus Deals

Don’t believe an advertised price that is ridiculously low. It may be a scam, and you’ll never get the goods you order. If it sounds way too good to be true, it usually is.

2. Bait & Switch Sweepstakes

Scammers will create fake sweepstakes to steal your personal information. The winnings are never worth the risk.

3. Delivery Problems

If you receive an email claiming there’s been a problem with the delivery of your purchases, be wary-they’re likely scams. Contact the company directly if you think there might be a problem. Do not use the information in the email.

4. Wire Transfers

This Cyber Monday, use your credit card. It offers you the most protection against purchases that don’t turn out to be what you expected.

Knowing is half of the battle when it comes to online scams. Even if you are careful, you might fall prey to this scam. And, if you’ve fallen for a scam, contact the Federal Trade Commission at the ftc.gov or call 1-877-FTC-HELP. They can help you start a claim and may be able to help you recover your funds. Contact your credit card company and credit union and report that you are a victim of fraud.

Now you know the 4 scams you should watch out for this Cyber Monday. Make sure you share this with your family and friends to help protect them too. If you like this post, make sure to check out MoneySmart Tips Blog for more fraud tips.

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10 Year Mortgage

APR=Annual Percentage Rate. The information provided is for a 10-year fixed mortgage. It assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000.00 and an estimated property value of $187,500. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 6.50% interest rate, the APR for this loan type is 6.77%. The monthly payment would be $1703.22

120 payments of $1703.22 at an interest rate of 6.50%.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

5 Year Mortgage

APR=Annual Percentage Rate. The information provided is for a 5-year fixed mortgage and assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000.00 and an estimated property value of $187,500. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 6.00% interest rate, the APR for this loan type is 6.49%. The monthly payment would be $2899.92

60 payments of $2899.92 at an interest rate of 6.00%.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

15 Year Mortgage

APR=Annual Percentage Rate. The information provided is for a 15-year fixed mortgage. It assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000 and an estimated property value of $187,500. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 6.99% interest rate, the APR for this loan type is 7.18%. The monthly payment would be $1347.40

180 payments of $1347.40 at an interest rate of 6.99%.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

20 Year Mortgage

APR=Annual Percentage Rate. The information provided is for a 20-year fixed mortgage with a 10-year call and assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000.00 and an estimated property value of $187,500. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 6.99% interest rate, the APR for this loan type is 7.18%. The monthly payment would be $1162.05

119 payments of $1162.05 at an interest rate of 6.99%. The final payment was approximately $101,289.05 at the end of the 10th year.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

30 Year Mortgage

APR=Annual Percentage Rate. The information provided is for a 30-year fixed mortgage with a 10-year call and assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000.00 and an estimated property value of $187,500. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 6.99% interest rate, the APR for this loan type is 7.17%. The monthly payment would be $996.95

119 payments of $996.95 at an interest rate of 6.99%. The final payment was approximately $129,684.65 at the end of the 10th year.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

10 Year 2nd Mortgage

APR=Annual Percentage Rate. The information provided is for a 10-year fixed mortgage. It assumes the purpose of the loan is to refinance a property with a loan amount of $75,000.00 and an estimated property value of $300,000.00 with a combined LTV of 80% or less. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 7.25% interest rate, the APR for this loan type is 7.43%. The monthly payment would be $880.51

120 payments of $880.51 at an interest rate of 7.25%.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

Home Equity Line of Credit 81-100% LTV

APR = Annual Percentage Rate. Variable rate based on the Wall Street Journal Prime Rate plus margin of 3.25%. As of March 1, 2024, Prime Rate is 8.50%. Subject to credit approval. Rates, terms, and conditions are subject to change without notice. Other restrictions apply. Maximum variable APR of 18% and minimum variable rate APR of 4%. APRs for home equity lines of credit with a loan-to-value (LTV) between 81% and 100% of the subject property are based on the Prime Rate plus a margin and your credit score. Property insurance is required. Fees may apply if closed within 36 months.

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For your convenience and 24/7 availability, we recommend the following digital banking tools, which are easy to use.

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10 Year NO FEE Mortgage

APR=Annual Percentage Rate. The information provided is for a 10-year fixed mortgage. It assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000.00 and an estimated property value of $230,770. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 7.25% interest rate, the APR for this loan type is 7.25%. The monthly payment would be $1,722.36

120 payments of $1,722.36 at an interest rate of 7.25%.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

15 Year NO FEE Mortgage

APR=Annual Percentage Rate. The information provided is for a 15-year fixed mortgage. It assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000.00 and an estimated property value of $230,770. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 7.74% interest rate, the APR for this loan type is 7.74%. The monthly payment would be $1,411.05

180 payments of $1,411.05 at an interest rate of 7.74%.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

20 Year No Fee Mortgage

APR=Annual Percentage Rate. The information provided is for a 20-year fixed mortgage with a 10-year call and assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000.00 and an estimated property value of $230,770. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 7.74% interest rate, the APR for this loan type is 7.74%. The monthly payment would be $1,230.50.

119 payments of $1,230.50 at an interest rate of 7.74%. The final payment was approximately $103,807.37 at the end of the 10th year.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

30 Year NO FEE Mortgage

APR=Annual Percentage Rate. The information provided is for a 30-year fixed mortgage with a 10-year call and assumes the purpose of the loan is to refinance a property, with a loan amount of $150,000.00 and an estimated property value of $230,770. The property is located in UT and is within Box Elder County. The property is an existing single-family home and will be used as a primary residence. The rate lock period is 45 days, and the assumed credit score is 720.

At a 7.74% interest rate, the APR for this loan type is 7.74%. The monthly payment would be $1,073.58

119 payments of $1,073.58 at an interest rate of 7.74%. With a final payment of approximately $131,945.70 at the end of the 10th year.

The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. An escrow account may be required.

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Home Equity Line of Credit 51-80% LTV

APR = Annual Percentage Rate. Variable rate based on the Wall Street Journal Prime Rate plus margin of 0.25%. As of March 1, 2024, Prime Rate is 8.50%. Subject to credit approval. Rates, terms, and conditions are subject to change without notice. Other restrictions apply. Maximum variable APR of 18% and minimum variable rate APR of 4%. APRs for home equity lines of credit with a loan-to-value (LTV) between 51% and 80% of the subject property are based on the Prime Rate plus a margin and your credit score. Property insurance is required. Fees may apply if closed within 36 months.

Home Equity Line of Credit 50% LTV

APR = Annual Percentage Rate. Variable rate based on the Wall Street Journal Prime Rate. As of March 1, 2024, Prime Rate is 8.50%. Subject to credit approval. Rates, terms, and conditions are subject to change without notice. Other restrictions apply. Maximum variable APR of 18% and minimum variable rate APR of 4%. APRs for home equity lines of credit with a loan-to-value (LTV) up to 50% of the subject property are based on the Prime Rate and your credit score. Property insurance is required. Fees may apply if closed within 36 months.

HELOC 6 Month Intro Rate 50-80% LTV

Introductory rate of 5.50% Annual Percentage Rate (APR) fixed for 180 days after account opening. After the introductory period, the APR on outstanding balance will revert to a variable rate based on the Wall Street Journal Prime Rate plus the margin stated in your original home equity line of credit agreement. Rates, terms, and conditions are subject to change without notice. Other restrictions apply. Home equity loans and lines of credit have a maximum variable APR of 18% and minimum variable APR of 4%. As of March 1, 2024, Prime Rate is 8.50% APR. APRs for home equity lines of credit are based on the prime rate plus a margin, and are determined by your credit score and loan to value of the subject property. Fees may apply if closed within 36 months. Property insurance is required. Subject to credit approval.