Before closing on a new home, it can be a great idea to compare mortgages from a few different lenders. This can provide advantages for your bank account and your happiness level. Here are a few concrete benefits:
- Lower payments: Shopping around can save you a lot of money in long-term interest rates and fees.
- More flexibility: Do you want to pay more upfront in exchange for lower monthly payments? Do you prefer stretching out a mortgage to 30 years? Checking with a variety of lenders gives you more options.
- Better customer service: As you speak with each lender, take note of how they treat you. The customer service you get at the beginning can be a great sign or a red flag for what happens if you need assistance down the road.
It can help to talk with a buyer’s agent for recommendations. In addition to offering helpful first time home buying tips, your real estate broker can usually point out several popular lenders.
