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The Mortgage Mistake Nearly Half of Lapeer MI Borrowers Make
This story from Catey Hill, The $25,000 Mortgage Mistake Nearly Half of Borrowers Make, talks about how many people pay to much for their mortgage ...
Did you pay too much for your mortgage? If you’re like millions of Americans, the answer is probably yes — and that means you may be throwing tens of thousands of dollars of your hard-earned money at the bank, when you might not need to.
A report released Tuesday by the Consumer Financial Protection Bureau finds that almost half (47%) of Americans don’t shop around for a mortgage when they purchase a home. “Consumers put great thought into the choice of a home, but the mortgage process continues to be intimidating,” CFPB Director Richard Cordray said in a statement.
If you don’t shop around for a mortgage, you’re probably leaving free money (and a lot of it) on the table. “Interest rates can span more than half a percent for a conventional mortgage for borrowers with a good credit rating and a 20% down payment,” says Sam Gilford, a spokesperson for the CFPB.
While half a percent may not sound like a lot, it can be a more than $25,000 mistake for the average borrower (as ... more
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