The mortgage market is in a state of tumult these days. Rates are bizarrely low, but many homes are worth much less than the mortgage balances they secure. People are still losing their homes left and right, but millions of mortgage applications of creditworthy borrowers are being rejected every year.

Against this backdrop, it’s really no wonder that would-be buyers and homeowners alike are in a state of confusion about which end is up in the mortgage marketplace.

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