Not Shopping Around for a Mortgage Can Cost You
Shopping around for a mortgage should be on every potential home buyer’s checklist. But a study by the Consumer Financial Protection Bureau found that only about half of home buyers shopped around for a mortgage, meaning the other half considered only one lender or broker.
That’s great—if you’re a lender. But you’re a borrower, which means you want the best rates and loan terms in your area. And if you don’t loan shop, you’re very likely to make these expensive mistakes.