Mortgage Rate Shopping – Myth Busters

  1. Conforming loan is the only way to go

  2. APR is how you should compare loans

  3. Shopping for the title will save you a lot of money

  4. My credit scores won’t drop when LOs do credit checks while shopping around for a mortgage

  5. Mortgage reviews will help sort out the bad guys

  6. LOs are on a fixed commission so they can’t rip me off

  7. Google can find me the right loan

  8. Reach 4 lenders and win

  9. What rate you see, is what rate you get

  10. The relationship between Rate and cost does not matter

  11. Dodd-Frank protects the borrower from getting ripped off

  12. You only need to shop a few lenders to find the best mortgage rate

  13. Par rates are impossible to calculate

  14. Every calculator is the same online

  15. Par is the lowest rate my LO offers me

  16. Closing costs are closing cost

  17. Direct lenders can get me the best deal

  18. A handful of quotes is all I need