This Common Mortgage Mistake Can Cost You Thousands
According to a new report, one-third of 2018 homebuyers did it.
In the Fannie Mae findings, from their National Housing Survey, more than one-third of 2018 homebuyers didn't shop around before picking a mortgage lender. For the two-thirds of respondents who did, they said they garnered more financially appealing offers than those who didn't seek out mutiple mortgage quotes.
"Typically, consumers are keen to compare prices before buying ordinary goods or services – about three-in-four say they like to shop around before making a purchase," writes Doug Duncan, SVP and Chief Economist, Economic & Strategic Research at Fannie Mae, in an article on their research. "When it comes to getting a mortgage, the stakes are generally much higher, as it is one of the biggest expenses most people will ever incur and shopping for multiple quotes can save borrowers thousands of dollars."
Of course, seeking out multiple mortgage lenders can result in getting a large array of offers, which can help you make the best financial decision possible. Not bad for a few extra hours of outreach and research.
Check out the full National Housing Survey infographic here.
WATCH: Ask Yourself These Questions Before You Buy A Home
Now, if you'll excuse us, it's back to evaluating wraparound porches, kitchen layouts, and fireplaces. The fun part of buying a home, if you ask us.