How did YOU choose the provider of your last home mortgage? Perhaps you went to the bank or credit union you were already using. Maybe you came across an advertisement on the Internet, TV, or radio. Some of you used whoever your real estate broker advised you to use. Those all seem like good ideas, but please use care. You are swimming in shark-infested waters.
Our best advice is to do what many experts have always told us to do, but few of us choose to pursue. Try 3 different sources. One should be your bank or credit union. Another should be a mortgage broker. And the third should be one of the online options. Then ignore all the flowery language and start comparing numbers. You may be surprised at how much they differ.
For more information, check out the Federal Reserve publication.
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