A new survey by lending marketplace Zillow finds that one-third of homebuyers are ill-prepared to get a mortgage. Many don't know how to get the best interest rate and loan term and don't realize that fees can vary from lender to lender. The survey also finds that current homeowners don't always understand basic refinancing rules. Based on the results of its survey, the Zillow blog has a list of 10 common mortgage misconceptions. Find out whether you hold any of these misconceptions and see what advice personal finance bloggers have about mortages and refinancing.
FHA Home Loans: You Can Buy a Home Even If Your Finances Aren't Perfect [Wise Bread]
"When subprime lending disappeared with the real estate market tumble, FHA home loan programs became the only alternative for borrowers with imperfect credit or low down payments."
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How Much Impact Does a Tiny Extra Payment Have on Your Mortgage? [The Simple Dollar]
"Every dollar you pay extra on your mortgage effectively 'earns' interest at a rate equal to your mortgage interest rate for the rest of your mortgage."
When You Should Refinance Your Mortgage Loan [Money Smart Life]
"Sure, when interest rates hit new lows millions of homeowners flock to refinance their homes. But there are also times when you should refinance when rate is not the driving force."
How to Prepare for a Home Appraisal [Five Cent Nickel]
"You should become familiar with the appraisal process so you know what to expect so you can prepare your home accordingly."
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