Because rescinding a purchase mortgage would mean rescinding the purchase, borrowers do not have the right to change their mind about these mortgages. This does not mean, however, that shopping for a purchase mortgage should be any more difficult.
The best way to ensure this is to enact a rule stating that lenders can charge borrowers up to a predetermined fixed amount, but are required to absorb all other costs. This rule makes it so that mortgages carry one price, the interest rate, and borrowers can focus on the rate while shopping, and won’t have to worry about other charges. This is a relatively new concept, which will hopefully be gaining popularity in the coming months.
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