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Myth #9 All mortgages are essentially the same.
This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See myth #8 here. 
It can be complex in choosing a mortgage since there are plenty of options. Your particular circumstances may dictate what options are available to you.  By assuming all mortgage are the same, a buyer might deprive themselves of making a fully informed decision.  When borrowers compare rates, you could make sure you are comparing apples to apples in the same season.  What I mean by "season" is that if you are shopping rates with different lenders, you should get a quote from all of them within 1-2 hours of each other. Rates change daily (sometimes more than once in a day).  Comparing apples to apples means that you should get a good faith estimate (GFE) from each lender to compare fees.  Some lender will estimate taxes and insurance differently which can change the bottom line.  Ask you realtor to help you compare the differences.
Some questions a borrower should consider are: How does one rate compare to the other over the long haul? Does a 15 year or 30 year program measure up to your goals? Does an adjustable rate mortgage make sense and ... more

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