No one takes the purchase of a new home lightly. Many homebuyers spend months or even years searching for that perfect new property. If one shops around for the perfect home, then why not shop for the perfect mortgage? You could be spending the next several years paying off a home loan. Finding an affordable interest rate could save you hundreds, even thousands of dollars over the lifetime of your loan.
For these reasons, the experts at Premier Mortgage Lending advocate shopping around for the best loan “price.” Some real estate agents may steer you toward certain lenders or banks. Just remember, it’s your purchase and you’re the boss. Their lender may not always offer the best rates.
It will be to your advantage to find the right mortgage lender early in the home buying process. This will allow you to get your loan application rolling by getting pre-approved. If you happen to find your dream home, you’ll be able to put in a serious offer right away. This could mean all the difference in closing the deal before another well-prepared home shopper.
When searching for the best loan, don’t just look at the interest rates. While the loans may seem similar across the board, there could be major differences in final costs and fees. If there are tiny differences in rates, these could mean big money over time.
According to the Consumer Financial Protection Bureau, approximately 50 percent of mortgage borrowers don’t shop around when they buy a home. We at Premier Mortgage Lending agree that this practice could be a major thorn in the side of homeowners.