If you catch a lender or broker who is out to deceive you, unfortunately they exist, you can readily see what is going on and take the appropriate action. Leave! Many people state that they have already signed their docs and are awaiting the funding of the loan so they believe it is too late to stop the process. As long as the loan hasn't funded and recorded it is never too late, even if you have passed the three day right of recession (on refinances). Lenders do not want a disgruntled borrower. The main benefit of being knowledgeable about your own situation is speed. If you know what you are going to need to qualify for the loan you can submit it with the loan application and the loan can be done quickly. The shorter the time the loan has to be locked to preserve a rate, the better the rate. Also many lenders give extra incentives to close a loan by the end of a particular month and this also can work to your advantage.

Once you become a knowledgeable borrower you can spend time researching special programs such as the CRA, Community Redevelopment Act, which could possibly work to your benefit if you qualify. You might find that you job classification can give you some special consideration such as a teacher, fire fighter or police officer. You can also find the property tax advantages your state might have as you approach senior citizen status.

The bottom line is nothing replaces knowledge. Don't try to convince yourself that a few simple ideas as comparison shopping, getting a good tip or talking with someone related to the mortgage industry is going to help you get the best program for you, the best rate and the best terms. Kidding yourself can be costly. Everybody knows that time is money, so spend some time to learn and save some hard earned money.