Mortgage Center
FOR OUT CANADIAN FRIENDS: RBC Bank link to US Banking for Canadians - http://www.rbcbankusa.com/specialtybanking/cid-96799.html
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Zillow.com findings from prospective home buyers polled:
• Nearly half (45 percent) believe that they should always buy mortgage discount points when obtaining a mortgage. However, because mortgage discount points are simply prepaid interest, the decision should depend on how long the borrower intends to own the home. In some cases, they may not stay in the house long enough to break even.
• More than half (55 percent) do not understand that mortgage rates vary throughout the day, similar to how stock prices can change throughout the day. To get the optimum rate, it’s important to monitor rates and shop around.
• More than one-third (37 percent) believe that pre-qualifying for a loan means they have secured financing. But "pre-qualification" describes the earliest step in the process when a lender approximates how much a borrower can afford – but doesn’t run a credit report or request any documentation to verify the information. Although there is not a reliable industry standard definition of pre-qualification, financing is never secured until a lender approves a loan application without conditions.
• More than two in five (42 percent) do not understand that Federal Housing Administration (FHA) loans are available to all buyers. Instead, they believe only first-time buyers qualify. FHA loans can cost less for many buyers, including repeat buyers, with low to average credit scores and downpayments less than 20 percent.
Source: Florida REALTORS®
