Getting quotes from multiple mortgage lenders is crucial when you’re looking to purchase a home. Failing to do so can mean more up-front fees, a higher interest rate and, most importantly, a more expensive home buying process as a whole.
Mortgage agency Freddie Mac recently reported that buyers can save at least $3,000 over the life of their loan by calling five lenders instead of one.
Even if your agent or a trusted friend refers you to a lender, use that as a starting point — not a compass. Talk to two or three other lenders and get quotes from each, comparing the individual fees, interest rates and other costs associated with the loans they’re offering you. You should also factor in things like responsiveness, overall customer service and other intangibles, as these play a big role in your mortgage experience as well.
As a whole, buyers miss out on millions of dollars by not shopping around for their mortgage loan. Don’t let yourself be one of them.
The information contained on this website is for informational purposes only and is not an advertisement for products . The views and opinions expressed herein are those of the author and do not reflect the policy or position of Brokerage. Source: The Mortgage Reports