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A home buyer's winning hand: How to pick a mortgage
A home buyer's winning hand: How to pick a mortgage
by Sam Ali/The Star-Ledger Wednesday April 09, 2008, 6:00 AM
You've found the home of your dreams and the seller has accepted your offer. Now, the big question is: How do you pay for it?
No big deal, you think. After all, you already pre-qualified for a mortgage even before you started searching for your home, right?
Wrong.
Although many borrowers think "pre-qualified" means they practically have their mortgage in hand, that's hardly the case, according to former New Jersey state Assemblyman Steve Corodemus, a real estate attorney based in Woodbridge.
"It means that we have someone who is alive, someone with a pulse," Corodemus said. "Buyers wear it like a badge of honor. But a pre-approval is usually not worth the paper it's written on."
Another common mistake homebuyers make is to think of a mortgage only as a means to an end -- home ownership. After all, they're buying a home, not a loan, right?
Wrong again.
Banks sell money like car dealers sell cars. When you "buy" money from a bank, in the form of a mortgage, the bank charges you for it. And just like a car dealer, your ... more

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