One of the reasons mortgage borrowers often make bad decisions, or are led into bad decisions, is that the process involves multiple decisions. These decisions apply to the best type of mortgage, the best combination of interest rate and fees on the selected type of mortgage, and the lender offering the lowest price on the preferred mortgage type at the preferred interest rate. Confronting all of these issues at the same time can be terribly confusing, yet that is the prevailing practice.
On this site, however, the process is broken down into discrete steps. First, borrowers select the type of mortgage that best meets their needs, using the professor’s built-in decision support. The total costs and other performance measures are compared at zero fees. Second. borrowers select the interest rate and fee combination on the selected mortgage type that best meets their needs, using similar performance measures. Third, borrowers select the lender offering the lowest fees at the interest rate previously selected.
At this step, borrowers also have access to other information about the lenders, including lock policies, which they can factor into the selection decision.
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