Failure to shop around for a mortgage can cost buyers $$$$$....

Real Estate Broker/Owner with Realty Empire Incorporated

Survey: Borrowers Fail to Shop Around for Mortgages

More borrowers could be able to snag a lower mortgage rate -- and save lots more money on their mortgage costs -- if they would shop around, according to recent data from Fannie Mae’s November National Housing Survey. By not shopping around for a mortgage, borrowers often end up paying $1,000 or more in closing costs and may not get the lowest mortgage rate that could unlock savings for the life of the loan, according to the survey.

The survey showed that nearly half of lower-income mortgage borrowers only obtained one quote when signing up for their current mortgage.

Meanwhile, about 75 percent of higher-income borrowers received competitive offers in shopping around for a mortgage.

"Although a home purchase is the largest financial obligation most people will ever make, many borrowers do not fully understand their mortgage products and costs," says Doug Duncan, Fannie Mae’s chief economist. "As a result, some home owners in this position may find themselves with unsustainable payments down the road."

Source: “Fannie Mae: Failure to Mortgage Shop Costs Borrowers,” HousingWire (Nov. 27, 2012)

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Stephanie Leon

Real Estate Broker
Realty Empire

6625 Miami Lakes Dr.
Miami Lakes, FL 33014

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Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

Great point. I can't believe anyone would not "shop around" when applying for a mortgage. There's a world of difference out there!


Nov 28, 2012 10:32 AM #1
Virginia (Ginger) Schott
Cabins & Canoes - Port Jervis, NY
Assoc. Broker, CBR, CHMS

Great Points. Last year I had a customer who had not shopped around.  Theyi came to me with a qualification from a "Corporate Bank".  After looking in the price range the "CB" approved them for and being very disappointed, I gave them my local rep's phone number.  She was able to do much better for them and they are very happy in their new home.

Nov 28, 2012 11:16 AM #2
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Stephanie Leon | Miami Lakes Realtor®

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