Are you ready to purchase a new home or refinance your current one? Consumers that shop for the best rates end up increasing their chances of saving more money. Compare lenders today (We recommend checking with at least 3 different lenders)!
The Importance of Comparing Mortgage Rates
When buying a home, one of the biggest mistakes consumers make is not shopping around for the best mortgage rates. My wife and I have bought four houses, and we learned the hard way that sticking with our bank wasn’t the best option.
Our Personal Experience
The first two times, we stuck with our bank. The last two times, we shopped around and it paid off significantly, saving us thousands of dollars each year .
Easy Ways to Compare Mortgage Rates
There are a few easy ways to compare mortgage rates:
- Browse websites : Lenders will typically advertise rates based on basic factors – credit score range, purchase price, and your zip code.
- Apply and consult with experts : Most lenders will do a soft credit score pull, which will not impact your score. Go through your finances with an expert from each company.
Specialized Mortgage Lenders
Mortgage lenders often specialize in certain things:
- Some might not have the best rates, but they’re known for getting through underwriting fast and helping most people get a loan.
- Others might have unique ways of getting better rates, but it requires a bit more time to get to know you (this is great for business owners or those with 1099 income).
Instead of stopping at the first “YES”, create a buffet of options. Shopping around becomes a thrill of the chase, where every door you open leads to a potentially sweeter deal.
Shopping smart means casting a wide net when looking for lenders, which will likely get you the best deal possible. Get the most favorable terms and flexible choices. when it comes to shopping for a home.
One of the biggest mistakes consumers make when they set out on the home buying process is that they don’t shop around for the best rates with mortgage lenders. My wife and I have bought four houses. The first two times, we stuck with our bank. The last two times, we shopped around and it paid off significantly, saving us thousands of dollars each year.
There are a few easy ways to compare mortgage rates. One is to just browse sites, like Wise Money Life. Lenders will typically advertise rates based on basic factors – credit score range, purchase price, and your zip code. The next step is to actually apply (most lenders will do a soft credit score pull, which will not impact your score), and go through your finances with an expert from each company.
Mortgage lenders will often specialize in certain things. Some might not have the best rates, but they’re known for getting through underwriting fast and helping most people get a loan. Others might have unique ways of getting better rates, but it requires a bit more time to get to know you (this is great for business owners or those with 1099 income).
At the end of the day, shopping around with lenders helps ensure you get the best possible rate and options when it comes to shopping for a home.