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scoreHow'd you do? Most people get tripped up on a couple, and that's OK. As part of your mortgage education and as you strive for financial literacy, figuring out what you DON'T know is just as important as figuring out what you DO know.

Here's a tip to help you to get a great deal on a mortgage you can fully understand: eliminate what you don't need to know by deciding what you need or want beforehand. There's a huge difference between walking into a lender's office and saying "I need a loan" and "I need a 30-year conforming fixed rate loan of $200,000. I have a FICO score of 762 and have 20 percent to put down." 

The first statement will see you presented with a litany of choices and options which will likely overload you with too much information. The second will be focused on your deal, and you will get only the information you need. Best of luck!

For more information, be sure to read:

 Mortgage Glossary Mortgage Quick Search

 
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