Shopping mortgage rates isn’t hard, and it can easily yield thousands of dollars in savings.
But you have to go about shopping for a mortgage the right way. There’s more to it than just comparing rates online. You need to be a strategic shopper and find the lowest-rate loan for your financial situation.
Here’s what NOT to do:
❌ Don’t use advertised rates to choose a lender – Advertised rates don’t reflect your situation.
❌ Don’t accept the first mortgage rate offer you get – Even if you feel that time is of the essence, it’s important to see the rates other mortgage lenders come up with.
❌ Don’t take lender recommendations at face value – It’s fine to inquire with someone your family member or friend suggests, but explore other home loan options as well. Your circumstances may be different from theirs.
❌ Don’t default to your bank because it’s easy – It might be nice to keep all your finances under one roof. But if your current bank doesn’t offer you the best rate and overall deal, or it doesn’t have the right loan program for your needs, you’re better off taking out a mortgage with a different lender.
❌ Don’t be afraid to negotiate – Believe it or not, lenders have control over the rates and fees they offer — and they’ll often negotiate to get your business. There’s nothing to lose by showing Lender A the competing loan offer and asking if they can match or beat it.
Copy credit: Casey Morris
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