Don't Make This Costly Mistake When Buying Your First Home
First-time homebuyers are being warned to avoid a costly mistake when buying a house by not researching different mortgage rates before taking on a loan. Many buyers simply accept the rate suggested by their bank or broker, but variations in borrowing costs can be found throughout the process. Research shows that getting additional rate quotes from lenders can save borrowers an average of $1,500 over the lifetime of the loan, while five additional quotes could save up to $3,000. It is important for buyers to have all the information at hand and not succumb to decision fatigue, as shopping around for the best mortgage terms can lead to significant cost savings.