Backing out of a purchase mortgage basically means that you are backing out of the purchase entirely as buyers are not able to change their minds about these types of mortgages. However this does not mean that shopping for a purchase mortgage should be a difficult task.
The best way to make sure that shopping for a purchase mortgage is easy to shop for is to require that lending companies while able to potential buyers up to a certain amount, are going to have to be able to take care of all other remaining costs. This would ensure that mortgages would all carry one price and interest rate so potential buyers can focus on that rate while shopping around for a mortgage without worrying about any additional charges. This rule is relatively new however many are hoping that is will see a rise in popularity very soon.
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