Myth # 12: You only need to shop a few lenders to find the best mortgage rate
Your home will most likely be the biggest financial investment you make throughout your life. This means that as you prepare to purchase a home, you should be as thorough as possible in researching the mortgage rates available to you. Getting a great mortgage quote online can save you thousands, if not tens of thousands, of dollars on an incredibly important investment. Yet in spite of this, up to 70% of mortgage shoppers do not shop around for the best mortgage interest rate available to them. This means that a large proportion of people spend far more money than they should when purchasing a home.
A key reason that such a high number of people do not shop around for mortgage rates is that they are not aware of the resources available to them. One such resource is a high-quality online mortgage rate comparison shopping tool, such as the one offered by Parlend which is immensely valuable for a mortgage shopper, as it can provide you with a solid baseline for planning your budget and for negotiating with a potential lender.
It is important to bear in mind that even though the mortgage industry is made up of a handful of lenders, those lenders are represented by over 400,000 loan officers. Your mortgage rate will be set by one of those loan officers, not the lender that he or she represents. This means that you need access to a mortgage shopping tool that surveys as many of those individual loan officers as possible. When negotiating a mortgage rate, it is crucial that you know the best rate or lowest rate for which you qualify. Parlend can help you calculate this rate using our patent pending fair mortgage rate calculator.
The more access you have to the various mortgage rate quotes available to you, the more likely you will be to find the best possible rates. This means that you should take the time to do the research needed to find a great mortgage quote. You should also take advantage of the resources available to you, such as Parlend’s online mortgage rate comparison shopping tool. This will ensure that you are able to find the best mortgage rate that fits into your budget and saves you money in both the short and long term.