Securing the right mortgage is one of the most important steps in the home buying process. With the right mortgage, you can save tens of thousands of dollars over the course of your loan. And if you want to find and secure the right mortgage, the best thing you can do? Shop around
According to a recent study from LendingTree, only about half of homebuyers shop around and consider multiple lenders; according to the study, first-time homebuyers were slightly more likely to shop around and consider multiple lenders (52% vs. 48%) or apply for mortgages with more than one lender (29% vs. 20%). But vetting multiple mortgage options can pay off big time—lowering your APR rate just 0.85 percentage points can translate to over $40,000 in savings on a $300,000 30-year mortgage.
What does this mean for you? Don’t make the mistake of going with your first mortgage option. Take the time to shop around, consider different lenders, and find the best rate—the cash you’ll save will be more than worth the time investment.