“The Consumer Financial Protection Bureau found that nearly half of home buyers do not look for mortgages with more favorable interest rates.
Why?” Well, for one: It’s the Wild West out there.
If you’ve gotten even a third of the way through the home-buying process, you know there’s enough paperwork to fill what was supposed to be the guest bedroom in your new place.
The process is overwhelming—so much so that simply getting a preapproval from one lender feels like a win.
But you shouldn’t stop there!
While the market dictates where interest rates hover, different banks and lenders have different offers, so call around and get at least a handful of different quotes before settling.
It’s often the case, too, that bigger lenders will match or beat better offers you get—but that’s not something they usually advertise.
You have to get in there and play the game.
In Worth It, Steinberg uses a $100,000 mortgage example: If you pay this off over 30 years, you’ll end up paying over $71,000 on top of the mortgage amount.
Whatever you do: Shop around, and know that almost everything involved in buying a house is negotiable—the mortgage included.