Not advice on the decision, but a new article that discusses the pitfalls of obtaining a mortgage, and the fact that most buyers lose big time, by not doing their homework, and comparing banks.
Mortgage Borrowers Pay Thousands In Excess Fees Due To Complex Bank Pricing | Problem Bank List
excerpt:
...and this final point in the article:
Mortgage Borrowers Pay Thousands In Excess Fees Due To Complex Bank Pricing | Problem Bank List
excerpt:
Shopping for a mortgage, however, is an entirely different story. The complex mortgage application process and opaque pricing policies are extremely confusing to most consumers. The mortgage industry seems to pride itself on offering a bewildering variety of pricing options and fees that make it both time consuming and almost impossible to determine which lender is actually offering the best deal. Most consumers have neither the time, inclination or ability to match wits with the mortgage pros and, accordingly, wind up paying higher rates and fees.
According to a recently completed Fannie Mae survey, many mortgage borrowers do not properly investigate or fail to understand the mortgage choices available to them. This results in paying thousands of dollars more than necessary and expands the probability of problems arising during the life of the loan.
...and this final point in the article:
When even the smartest consumers can’t figure out if they are getting a good deal on a mortgage, you know for sure that the system is either very corrupt or very broken.
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