I see it happen everyday here in Raleigh, NC. I take several phone calls from prospective homebuyers shopping around for mortgage rates, seeing whether I can match or beat the best offer they've read or heard about online or overheard somebody in the office talking about.
Maybe they saw an ad stating "FHA loans, VA loans, Conventional loans, fixed rates as low as 3%".
Thats just crap! Its just not possible... All mortgage lenders sell the same product, its that simple. No matter what my approach, I'm commoditized into a little box on a piece of paper with my phone number and interest rate... This is scary!
With all the misinformation and legislative changes going on, its more important than ever to make sure you're working with a qualified mortgage loan officer who can walk you through the process, help you avoid surprises, and get the job done.
A super low rate is great, but what sounds too good to be true usually is...
