Essence Magazine asked readers to share the best financial advice they've received and how they used it to build wealth. Here's today's tip:
"Before I purchased my first home, I learned the difference between using a lender and using a broker to secure a mortgage rate. Some brokers charge a fee to find you the lowest interest rate. I had good credit and was able to avoid the extra fee by going directly to a bank. I got referrals from several lenders, picked two that offered the best rate, and played one against the other. When there's competition, they'll work harder for your business."
Another good piece of advice -- and interesting information too!
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