It has been estimated that roughly one-third of home mortgage borrowers unknowingly leave thousands of dollars one the table by not shopping around and comparing rates for the best loan, as well as the added loan acquisition fees.
In fact, according to a recent Fannie Mae study, 34% of first-time home purchasers get a quote from just one lender before they sign on the dotted line. This compares to even more – approximately 41% – repeat home purchasers who also do not compare their potential options.
But not seeing what else is available in terms of home mortgage payments, interest, and fees could end up costing you. According to a May 2019 Lending Tree study, those borrowers who obtained five or more quotes saw a difference of more than $2,000 in fees between the lowest and the highest proposals.
While many home buyers focus on saving for a down payment and budgeting for their monthly payment, the added fees could come as a surprise. According to the LendingTree study, though, the median fee amount for home purchase loans is just shy of $2,060, and a tad over $1,800 for refinance loans.
Are you ready to find the home of your dreams? If so, we’ll be your guide. We can quickly and easily help you to narrow down the specific location and the type of property you’re looking for. We will also walk you through the entire home buying process from start to finish. So, contact us today for more details on how you can get started.