If there’s one thing we’ve all learned from the financial meltdown, it’s that bigger isn’t always better.
This CNBC.com article by Jennifer Woods gives a great explanation about how the best mortgage deals can often be found at smaller banks and lending institutions. Plus, it features some words of wisdom from our very own Darren Beck:
“One of the things that always gets me is that people will spend weeks or months pondering the purchase of a digital camera,” says LendingTree’s Beck, “but when they go to get a mortgage they often just go with whatever bank with which they do their checking.”
In fact, the article states that on average, people spend eight hours researching the purchase of a car, but only five hours researching a home loan. Once you stop and consider how much a mortgage will really cost you over the life of the loan, it makes sense to ensure you’re getting the very best deal possible.
That’s why it’s always a good idea to compare at least four different loan offers from four different lenders. Keep in mind that offers are different than quotes. A rate quote is generally not customized to your personal financial situation, and the actual rate and term you’re offered can vary greatly after the lender checks your credit.
No matter where you decide to shop for a loan, remember that you’re in control. Ask questions, do your research, and negotiate, negotiate, negotiate!
Whooo I can’t believe I never watch this blog before, good read