Ideal home? Check! Now it’s time to figure out how to shop around for a home loan, and why.
Our homebuyers now have the option to choose their own lender from a list of vetted partners, unlike with other builders that recommend a single lender or ask you to use their in-house lender. This creates more competition for a buyer’s business. And by shopping around for the best rate, our buyers may save hundreds of dollars every month, and thousands over the life of your loan.
This LendingTree survey found that of homeowners who have a mortgage, only 51 percent comparison shopped for their current mortgage, often accepting the first loan offer they received. Homebuyers are potentially missing out on substantial savings by not shopping around. Most people shop for other bigger ticket items, like airline tickets, cars and electronics – why not a mortgage?!
The option to shop for a lender provides buyers the opportunity to attain those savings from vetted partners that have a proven ability to best meet borrowers’ needs.
This increased competition results in:
- more choices and great service
- more competitive rates and fees
- more loan programs to meet your needs
It is important to note that none of these partners pay us in any way! We aren’t making money on the deal. We just want our homeowners to feel they got the most out of their entire home buying process – from finding the right home to finding the right loan, to move-in and beyond.
Additionally, because we believe in the quality of the lenders on our list, if a buyer chooses one of our recommended lenders they can earn additional incentives towards closing costs. Simply compare their rates and packages, and then go with the best fit. Spend less time shopping all over town and have more money to make your new house a home.
Did you shop for your mortgage, or are you planning to? Let us know in the comments below!