Adair Cates moved into her new house last November. It’s the second home she and her husband purchased, but the first time they shopped around for the best mortgage rate.
This time we decided to at least get two rates and I’m really glad that we did because we ended up in a much better circumstance.
But that’s not the case for almost half of the home buyers in America, which could cost them big time in the long run.
I think many consumers are afraid of the mortgage process…many people believe that there is just one rate…but I think it’s a mistake because every lender is going to have a different rate, and they are going to have different options to offer.
Jasmine Krnjetin works for Silverton mortgage specialists and says if you know your credit score, it’s easy to shop around for a rate that will fit your budget.
Take that information and call a few different lenders and say hey, I have a 780 credit score, I’m looking a 5% down mortgage, what kind of rates do you have to offer?
Adair and her husband found a mortgage lender that gave them ten different rates to choose from and let them lock into one for lower than what their original bank offered.
It might take you a little bit more time up front but in the long run you’re going to ultimately save a lot of money and this is the largest purchase that you will probably ever make
I’ve got some information for you the banks don’t want you to know. What interest rate are you likely to qualify for based on your credit score. It’s really easy to use for example for somebody with a 700 credit score in Ohio the likely average interest rate you’ll get, 3.875%. So easy to use. Go to ConsumerFinance.gov and check it out. I’m Clark Howard.