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Shop around for your mortgage, it could save you thousands of dollars

Submitted by a LOZO expert
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You already know to compare prices before you buy electronics or airfare. Given the much higher cost of buying a home, you can imagine how much higher the savings can be from shopping around. Rates are at historically low levels, making it a great time to consider refinancing. You might be inclined to jump at an incredibly low rate, but don't lock before you check the options. Just a 1/8% difference can add up to thousands of dollars over the course of a loan.

Start with some mortgage comparison sites like Bankrate, LendingTree.com or MSN Money. Check your regular bank, online banks such as E*Trade, and local mortgage brokers. Given the potential savings at stake, it's worth the extra time to check all of your options.

If you are refinancing it's worth asking your current lender what rates they offer and if they can do the refi with minimal closing costs. Just make sure your lender's new rate is competitive with alternatives, otherwise it will probably be worth paying (or financing) the extra costs upfront to save on payments in the long run.

To do a true comparison, ask prospective lenders to list all fees and indicate which ones are paid to them directly.

A LOZO expert posted this tip.

Here is a mortgage calculator to estimate your monthly payments:

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User Comments

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