Shopping Around For Your Mortgage Can Save You Big – Here's How To Do It
Home buyers are leaving serious money on the table.
According to new research from Freddie Mac, the average borrower could save $1,500 just by getting one extra rate quote when applying for their mortgage. With five quotes, they could save $3,000 or more.
Pro Tips For Mortgage Shopping
It’s clear that shopping around can help home buyers save. But what does that rate shopping actually look like? What can buyers do to get the best deal in today’s competitive market?
From scoping out fees to simply staying consistent, here’s how industry experts recommend buyers get the best rate in today’s market:
Pay attention to fees.
“Ultimately you need to figure out the monthly payment you are comfortable making, instead of focusing so much on just the interest rate. A borrower could be tempted to choose one lender offering a 4.125% interest rate over another lender offering a 4.25%, but the place with the lower interest rate could also have the highest closing costs and title fees in the market.” — Mat Ishbia, president and CEO of United Wholesale Mortgage