Posted by: Nick Ametrano
The majority of mortgage shoppers make this mistake when they need a mortgage. They only make one call and that’s to their existing bank.
Not only is this a needless hassle, it is a waste of your time and potentially a costly mistake!
You could end up with a HIGHER interest rate if you are only talking to your bank. How will you ever know? Besides negotiating, which is a hassle when dealing with a billion dollar bank, there is another problem. You will miss out on all the other options that are available to you in the market. If you only talk to one bank, you will never know if you got the BEST mortgage rate, terms and conditions that are right for you. If one bank had everything for you, there wouldn’t be more than 25 other lenders in the market willing to fight for your business. Remember:
Remember to get the facts that your bank won’t tell you and learn what mortgage rates, terms and conditions other lenders are willing to offer you. It will save you thousands of dollars over the life of your mortgage.