The worst of them earn the nickname "ninja loans," short for "no income, no job, and (no) assets." In the industry, they are called "liar loans" — mortgages approved without requiring proof of the borrower's income or assets. To get the best mortgage rate, it's always a good idea to shop around. A mortgage is just like any other product and its price and terms may be negotiable. When shopping for the best mortgage rate, it is most likely that a comparison of costs is involved. Looking for the best mortgage rate may save you thousands of dollars.
