Let’s face it: shopping for mortgages can be a struggle. Checking interest rates, filling out loan applications, choosing a lender — all the choices and numbers can be overwhelming. But it’s worth the research and time. Comparing mortgage rates across lenders is one of the first steps in the home buying process. This allows you to budget by giving you an idea of what your monthly mortgage payments will total. Even minor differences in the interest rate on a six-figure loan will add up over the life of a 30-year mortgage. This can have a huge impact on your overall financial goals.
Years ago, it was more common to skip comparison shopping and go right to your primary bank as a mortgage lender. But now, your bank is just one of many lender options you have as a modern homebuyer. You can find reviews, ratings, customer experiences and all sorts of information right from the comfort of your home computer or smartphone. There are lenders who will tell you what rates you qualify for online within minutes and others that require you to speak to a mortgage broker. Whatever your preference, you have all sorts of resources available to you.
As unpleasant as rate shopping may be, this is one instance where it’s wise to take your time. Mortgage lenders want your business and the first offer you see may not be the best offer you can get. It’s advisable to research at least a few lenders, compare mortgage rates and choose carefully.
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