Fiction: When choosing a mortgage, my best option is the one with the lowest rate.
Fact: Mortgage loans are not all alike. Some offer a fixed interest rate while others have an adjustable rate. Some have points and fees attached. Be sure you understand the complete cost of each mortgage, and ask prospective lenders for the same information—loan amount, loan term, and type of loan—so that you can effectively compare your options. Also be sure to cast a wide net; in addition to checking with your bank, shop around for mortgages at credit unions, mortgage companies, and online lenders.
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