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Fed Urges Borrowers to Shop Mortgages

5 tips issued by fed

July 29, 2009

By MortgageDaily.com staff


A new set of tips issued by the Federal Reserve warns prospective borrowers to shop around for the best loan terms because their mortgage brokers and lenders aren't obligated to do so.

A set of five tips was announced today. The tips are designed to help prospective borrowers avoid potential pitfalls and make better decisions about home loans.

The booklet explains that brokers arrange mortgages with a lender rather than lend money directly.

"In other words, brokers sell you a loan from a lender," the second tip states.

The fed noted that interest rates and fees to different borrowers for the same loan might be different on a given day -- even when borrowers have the same loan qualifications.

"Keep in mind that lenders and brokers also consider the profit they receive if you agree to the terms of a loan with higher fees, higher points, or a higher interest rate," the third tip said. "Shopping around is your best way to avoid more expensive loans."

The tips warned that mortgage lenders and mortgage brokers are not obligated to find the best deal for the borrower.

"You have to do the shopping," the fed said. "Shopping takes time and energy, but not shopping around can cost you thousands of dollars."

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