January 20, 2009
Don’t Ask Your Bank for a Mortgage
Shop Around For the Best Price
If you walked into a marketplace and the first 20 booths are selling the exact product that you are looking for, would you just buy it from the first vendor or would you shop around to find the best price? Most people shop around for all types of products from groceries to electronics and beyond just to save a few dollars. People will even drive across town because orange juice is on sale. Some families even spend their weekend clipping coupons to save a few cents on their weekly shopping list.
If You Shop to Save a Few Dollars, Why Not Shop to Save Thousands of Dollars
If you are willing to drive across town to save a few dollars or surf all over the web to save a few hundred dollars on a TV, why wouldn’t you shop around for the best rate on your mortgage which can save you thousands of dollars. Going over to your bank and asking them for a mortgage is the same as buying the product you are looking for from the first vendor.
Get a Personal Shopper
Wouldn’t you love it if you could stop comparing prices and shopping around? Everybody would appreciate having a personal shopper but the fact is that it is too expensive to have one and if you are clipping coupons, chances are that you cannot afford one. That is where the mortgage broker comes in.
Use a Mortgage Broker
A mortgage broker is your free personal shopper who does all the work and comparison shopping for you and then comes back to you with the best rate. Shopping for a mortgage is a lot more complicated than buying a TV because there are so many variables that go into your mortgage rate. They have to consider your credit score, your salary, the amount of revolving credit that you are already juggling and a whole lot more. A mortgage broker will take down all of your information and negotiate with each bank individually to get you the absolute best rate for your mortgage.
After using a mortgage broker, you are going to wish they had similar services for all of your other shopping needs.