It costs money to process all that paperwork for a mortgage, and rarely does the lender swallow it. Instead, they bundle it up as part of the loan’s principal and charging you interest on the amount. Another trick is to raise your rate for the “wai

Michigan residents like to own their homes, ranking third in the nation for home ownership. And they continue to apply for mortgages, even as the local housing market remains soft. With the downturn in the auto industry and other job sectors, home prices have fallen for the last couple of years, making it a buyer’s market.

But even with low prices and interest rates, watch out for mortgage scams. These three myths, which you can avoid, cost lenders thousands of dollars every year.

1. Save More Money With A Direct Lender

It would seem that cutting out the broker or middleman would result in a cheaper home loan, but it doesn’t always work out that way. Mortgage brokers often negotiate lower than market rate financing deals and pass the savings on to you.

The only way to find a cheap loan is to do some comparison shopping. Include mortgage brokers in your search. You may just be surprised who gives you the lowest loan quote.

2. No Closing Costs Means A Cheaper Loan

It costs money to process all that paperwork for a mortgage, and rarely does the lender swallow it. Instead, they bundle it up as part of the loan’s principal and charging you interest on the amount. Another trick is to raise your rate for the “waiv

have fallen for the last couple of years, making it a buyer’s market.

But even with low prices and interest rates, watch out for mortgage scams. These three myths, which you can avoid, cost lenders thousands of dollars every year.

1. Save More Money With A Direct Lender

It would seem that cutting out the broker or middleman would result in a cheaper home loan, but it doesn’t always work out that way. Mortgage brokers often negotiate lower than market rate financing deals and pass the savings on to you.

The only way to find a cheap loan is to do some comparison shopping. Include mortgage brokers in your search. You may just be surprised who gives you the lowest loan quote.

2. No Closing Costs Means A Cheaper Loan

It costs money to process all that paperwork for a mortgage, and rarely does the lender swallow it. Instead, they bundle it up as part of the loan’s principal and charging you interest on the amount. Another trick is to raise your rate for the “wai

ore Money With A Direct Lender

It would seem that cutting out the broker or middleman would result in a cheaper home loan, but it doesn’t always work out that way. Mortgage brokers often negotiate lower than market rate financing deals and pass the savings on to you.

The only way to find a cheap loan is to do some comparison shopping. Include mortgage brokers in your search. You may just be surprised who gives you the lowest loan quote.

2. No Closing Costs Means A Cheaper Loan

It costs money to process all that paperwork for a mortgage, and rarely does the lender swallow it. Instead, they bundle it up as part of the loan’s principal and charging you interest on the amount. Another trick is to raise your rate for the “wai

the savings on to you.

The only way to find a cheap loan is to do some comparison shopping. Include mortgage brokers in your search. You may just be surprised who gives you the lowest loan quote.

2. No Closing Costs Means A Cheaper Loan

It costs money to process all that paperwork for a mortgage, and rarely does the lender swallow it. Instead, they bundle it up as part of the loan’s principal and charging you interest on the amount. Another trick is to raise your rate for the “wai

It costs money to process all that paperwork for a mortgage, and rarely does the lender swallow it. Instead, they bundle it up as part of the loan’s principal and charging you interest on the amount. Another trick is to raise your rate for the “waiver” of the fees.

To understand what you really are paying, compare the APR of the loan. This will include both your mortgage rate and closing costs no matter how they are packaged.

3. All Mortgage Loans Cost About The Same

For the same principal amount, mortgages can differ by thousands of dollars in costs. The only way to find the cheapest loan is to request a mortgage quote based on your credit score and financial assets. Each lender will weigh your application differently and quote you a different rate.

It just takes a few hours to compare offers online. Well worth it when you consider how much money you can save.