Some Mortgage Myths Revealed
- 28.06.2008
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If you’re in the market to buy a home, it must be remembered that mortgage lending is a business, an astoundingly large-money business. Lenders are in there for one only purpose – to sell money to you. Their profit can come not only from your monthly repayment with interest, but from a myriad of fees and program options that can be added to their offerings. And though the lender smiles and is as sweet as candy, always be mindful that his or her job is to get you to buy a loan package. They only get paid if you take the loan.
Certainly the overwhelming majority of lenders and lending institutions want to do the best job that they can for you their customers, but in the end you have to accept the fact that your interest is best served in your own hands. You must be educated as well as savvy in your financial dealings. Assume nothing, and question everything. And when shopping for a loan, be wary of the following mortgage myths:
