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7 Mortgage Myths That Still Befuddle Borrowers
Borrowers continue to get smarter about the mortgage process, but from questions about closing costs to the minimum down payment and credit score needed to qualify, there's still a lot that can keep consumers confused during the origination process, or worse, on the sidelines of the market entirely. "Good loan officers are a heck of a lot better off talking about it up front than they are thinking they're making it easier by not doing so and explaining things when they're forced to at the last minute," said Dave Jacobin, president of 1st Mariner Mortgage in Baltimore City, Md. "People have the most angst right before the loan gets approved."