Americans are always shopping for a good deal, except when it comes to their mortgage. Earlier this year the Consumer Financial Protection Bureau released a report that revealed over 40% of Americans do not shop for their mortgage. The report brought out that shopping for loan rates can save you thousands by comparing just three lenders. The report also noted that educated consumers were twice as likely to shop more than one lender.
So the question is what can consumers learn from this report?
1. Shop for the Perfect Lender
Consumers should spend as much time shopping for their lender as they do looking for the perfect home. The right lender can completely change the experience you have. For Example, Mortgage Explorers specializes in helping borrowers with challenged or bad credit. Many lenders specialize in specific loans, find out if they have a program that fits your needs.
2. Use Industry Tools to Your Advantage
In recent years regulatory agencies have been developing programs and resources to help consumers. One example is the Owning a Home Toolkit that was released as part of the CFPB’s Know Before You Owe initiative earlier this year. Use these tools to build your knowledge of the industry.
3. Use Social Media to Find Resources
Today, finding financial tools can be as easy as liking a page on Facebook. Social media is one easy way for you to understand trends in the mortgage industry. Stay up to date with industry news and you will feel confident when you shop for your new home!