Before getting into the details of how you can save about $24,000 when buying your next home, let's get one thing straight: real estate brokers care about their commission first, and your pocketbook a very distant second. So when they say they have a guy who can get you a great mortgage, don't just take it at face value. Going that route could cost you the opportunity to save $24,000.
And really, who among us is so well off they can throw that kind of money away just because someone says, "Trust me?"
In a recent analysis of more than 20,000 borrowers, LendingTree, one of the nation's largest and most respected mortgage comparison-shopping websites, found that borrowers who compared at least two different mortgage offers saved approximately $11,000 over the life of their loans. Those who compared three offers? A cool $16,000 in savings.
Now for the kicker: smart shoppers who compared five different mortgage offers saved a whopping $24,000 with an average-size loan. That's serious money.
It pays to compare:
$24,000 to be exact.
How Do You Find All These Offers?
LendingTree's mortgage comparison shopping service makes it easy. The free service connects you with up to five competing banks, and you can use it to pit each bank against the others. This way you can walk away from the process secure in the knowledge that you're one of the smart shoppers, and got the absolute best loan you could get.
So rather than trust someone who says they "have a guy", trust comparison-shopping tools like LendingTree, they "have" at least 5 guys.