Shopping Around Can Save Thousands On Mortgage Fees

Dated: September 23 2019

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When potential buyers shop around for a mortgage, they’re typically shopping for a lower interest rate, which can save them thousands over the course of their loan. But according to one study, comparison shopping can not only save you thousands in interest but can also save you thousands in additional fees.

According to a recent study from LendingTree, shopping different lenders can save potential homeowners a significant amount of money on additional mortgage costs (like mortgage application fees, appraisal fees, and underwriting fees), and the more mortgage options you consider, the more you’re likely to save. The study, which analyzed 300,000 loan offers, found that potential buyers who received five offers had a median savings of over $2000.

The Takeaway:

If you’re in the market for a new home, make sure you explore mortgage options from different lenders. Taking the time to consider different options could not only save you in interest over the long term—it could also provide immediate savings in the form of lower fees.

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Kelly Combs

My name is Kelly Combs and I am a native of Fredericksburg, Va., born and bred. I grew up in the 80’s when Fredericksburg was a small rural town, and I had the joy of evolving from a child to an adu....

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