Yet, nearly half of consumers don't shop for better rates before taking out a mortgage. In fact, if buyers had compared mortgages from five lenders before they applied, savings would total about $776 million in a year. While it can be tempting to accept your first offer, talking to just one more lender may keep some of your hard-earned money in your pocket.
How can you secure a good rate?
First, you'll want to determine which type of mortgage is best for you. There are two main types of mortgages – fixed-rate and adjustable-rate – that have their own set of features and benefits that need to be carefully considered.
Mortgage Rates Have Dropped ‘Dramatically’ Since the Start of this Year
Once you decide which mortgage product is best for you, it's time to shop, compare, and ask questions. It is recommended that you visit three to five lenders and discuss your mortgage options.
It's important to compare all loan offers apples-to-apples so be sure to review your Loan Estimates carefully. If you don't understand some of the loan features, ask! The more you understand, the better prepared you will be to decide which loan is best for you. After you have worked with your lender to determine the best mortgage, your lender will lock your rate to help ensure your interest rate won't change between the rate lock and closing.
You may get your best rate from your first lender—but the more you shop around, the more information you will gain, and ultimately you can be more confident with your decision. A home is one of the biggest investments you'll make in your lifetime, it will pay off if you research your options.
Ready to find your Dream Home?"  NOW is the time to get a Pre-Approval letter from our preferred lender.  You'll be on your way to locking in your interest rate and giving the assurance to prospective sellers that you mean business. This is easy and necessary, and can be done via email or over the phone. Need to get pre-approved for a loan? Call or text today 801-809-9866!
Looking to sell your home? Contact Carriene Porter at Precision Realty & Associates, LLC.  Her years of experience and vast knowledge can assist you in this important decision of buying and selling your home. Call or text today 801-809-9866!

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Source: Freddie Mac