According to a new survey nearly two thirds of all home buyers don’t bother shopping around for a mortgage. 44 percent admitted that the best mortgage is the one with the lowest rate. Experts point out that closing costs and the broader annual percentage rate are also important factors.
Finally, many confused prequalified – you will likely be able to obtain a mortgage for what you can afford – with preapproved – where you actually been approved for a mortgage.
58 percent believed that adjustable-rate mortgages were only for “risk takers” while analysts explain that adjustable 5/5 rates are ideal for those who expect to be in their home for lost than 5 years.