As mortgage interest rates go up, home buyers start shopping around with lenders hoping to get a better rate. As they look online, they might gravitate towards the rate that’s half a point lower than all the others. If you come across a rate from a bank you’ve never heard of that seems too good to be true, it probably is!
Right now, we’re seeing a lot of bait and switch tactics online and a lot of non-refundable application fees. Some banks make their money not by the loans themselves but by the fees they charge. They offer a 4% rate and make you fill out the application in order to collect hundreds of dollars in application fees. Then, they tell you that you don’t qualify for that 4% rate, but you can still get the number that’s more on par with
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