RSS
Consumer News
Consumer Reports
Trusted reliable news sources from around the web. We offer special news reports, topic news videos, and related content stories. Truly a birds eye view on news.
Consumer Resources
- Details
- Written by Bing News Search Results
- Category: Vehicle News Articles
Original Image Link
Source:www.yahoo.com
- Details
- Written by CNET Reviews
- Category: Reviews
Photo By CNET
- Details
- Written by CNET Reviews
- Category: Reviews
Photo By CNET
- Details
- Written by CNET Reviews
- Category: Reviews
Photo By CNET
- Details
- Written by CNET Reviews
- Category: Reviews
Photo By CNET
- Details
- Written by Consumer Affairs News
- Category: Consumer Daily Reports
Skipping mortgage rate shopping could cost homebuyers more than $62,000 over the life of a loan.
Borrowers who negotiate often win, with most reporting lower monthly payments after asking for a better deal.
Comparing multiple lenders and reviewing APR, fees, and closing costs can lead to significant long-term savings.
Buying a home is expensive enough without paying more than you have to.
Yet new research from LendingTree suggests that many homebuyers may be doing exactly that by failing to compare mortgage offers from multiple lenders. According to the analysis, borrowers who shop around could save an average of $62,572 over the life of a 30-year fixed mortgage simply by choosing the best available loan offer.
The findings highlight just how much mortgage rates and terms can vary from one lender to another and why taking the time to gather multiple quotes may be one of the smartest financial moves a homebuyer can make.
To break down what this means for homebuyers, ConsumerAffairs spoke with LendingTree's Chief Consumer Finance Analyst, Matt Schulz.
Homebuyers are skipping the comparison
Many homebuyers dont think about the savings opportunities available by skipping the mortgage rate comparison. Schulz explained that the primary reason is that consumers dont know how much money is at stake.
Theres so much work that goes into buying a home, and mortgage shopping can feel like just another item on an already overwhelming to-do list, he said. Some people also assume that rates won't vary much from lender to lender or that their real estate agent's recommendation is automatically the best option. Unfortunately, that can be a costly mistake when shopping around can save the average borrower more than $62,000 over the life of a loan."
Know your negotiating power
One of the findings from the study was about negotiating for a lower mortgage. The survey revealed that women and baby boomers were less likely to negotiate.
A lot of it comes down to comfort level and expectations, Schulz said. Younger borrowers have grown up comparison-shopping online for everything and are often more accustomed to pushing for a better deal. Meanwhile, some older borrowers may assume rates and fees are largely fixed or may not feel the savings justify the effort.
Consumer Daily Reports Article Count: 5718
Environmental News Articles Article Count: 54
Reviews Article Count: 2512
Vehicle News Articles Article Count: 688
Related Product Search/Búsqueda de productos relacionados
