Millions of Americans have refinanced their mortgages as rates have dipped to new lows.

However, mortgage lenders say: If home owners had shopped around more, they probably could have snagged an even lower rate and more savings.

Many borrowers settle on the first rate they're quoted, lenders say. LendingTree says that rates can vary by more than a percentage point for a borrower looking for a 30-year fixed loan.

Mortgage Daily illustrates the loss to the customer in the following example: "A consumer with a credit score of 759 and a loan amount of $260,000 might have received quotes from lenders in early August ranging from 3.25 percent to 4.625 percent. By choosing the lowest rate, the borrower would save $214 a month, $2,568 a year, and nearly $74,000 over the life of the loan."

Fewer than half of home owners say they shopped around when refinancing their loan, according to a survey by Harris Interactive of more than 1,000 home owners. On the other hand, 9 in ten American adults say they compare prices when shopping for major purchases.

"Consumers need to be engaged," says Doug Lebda, chief executive of LendingTree. "A lot of them are just happy to have it over with rather than hang in there to get the best deal."

Source: "Mortgage Shoppers Sell Themselves Short," Mortgage Daily (Sept. 10, 2012)

 

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Rolando Trentini

Evansville, IN

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About Me The Trentini Team of F.C. Tucker EMGE REALTORS® provides exceptional service to each of their clients as they help them to achieve their real estate goals. With their knowledge, experience and background, both Kathy and Rolando bring one-of-a-kind perspectives to the table during all of their real estate transactions. Their excellent communication skills combined with their passion for real estate allows The Trentini Team to follow through every time with the highest level of service possible. Rolando and Kathy are your premier Evansville and Newburgh, Indiana real estate source. They can help you buy your dream home or sell your current home for the best price possible. To learn more about what The Trentini Team can do you for you, contact us today!


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