When you’re shopping for a home, you look carefully at each house you tour. You open cupboards, you listen for squeaky floors, you run your fingertips along countertops, and you test windows to make sure they’re open. You’re thorough and critical, comparison shopping, working hard to find the right home for you.
So, why aren’t you just as careful and selective when choosing a mortgage lender?
Survey Shows Buyers Lose Money by Not Shopping Around for Mortgage
According to the U.S. Consumer Financial Protection Bureau’s (CFPB)’s Mortgage Shopping study:
“Mortgage interest rates and loan terms can vary considerably across lenders. Despite this fact, many homebuyers do not comparison shop for their mortgages. In recent studies, more than 30 percent of borrowers reported not comparison shopping for their mortgage, and more than 75 percent of borrowers reported applying for a mortgage with only one lender.”
Many mortgage shoppers base their choice off of trust. They ask a friend or family member or their real estate agent for a recommendation, thinking they’re doing their due diligence by finding a trustworthy lender. However, by doing some math, you can see that trustworthiness should only be a portion of what you consider when looking for a lender.
Comparing Home Loan Lenders Leads to Big Cost Savings
The CFPB’s survey shows that an astounding 77% of homebuyers are losing out on keeping thousands of dollars in their pockets, just because they don’t shop around and compare home mortgage lenders before making a choice. There's a pretty significant amount of savings, that’s why it’s so important for all homebuyers to start comparison shopping for mortgage lenders.
Comparison Shopping for the Best Lenders
The question is, how do you find the time to apply with multiple lenders? It’s not a quick, simple process, requiring 150+ pages per paper application. You have to go through multiple steps with each lender and submit a lot of information to obtain a quote. It takes time, organization, and patience.
Is there an easier way? Is there a site like kayak.com for mortgage lenders, instead of flights and vacations?
There is! With Stem Lending, you enter your information just once, then receive multiple mortgage offers at the click of a button. Comparing and shopping for home loans has never been easier. Weigh your options side-by-side and get help from one of our personal mortgage experts when you need it. Our team is committed to helping you shop for, choose, and close your mortgage with confidence and clarity.