11 Apr

Mortgage Shopping is Simple: Do it to Save Money

Mortgage loan agreementLenders and mortgage companies here in St. George know how to push you to sign off on a mortgage from them, but you should stand firm and shop around. By shopping around, you save yourself thousands of dollars.

You also get to borrow from mortgage companies in St. George that you can trust, such as City Creek Mortgage.

Haste Makes Waste

Ask any mortgage planner here in Utah, and you will learn how important mortgage shopping is. A surprising number of consumers actually forget to shop around and end up with less than stellar mortgages.

In fact, if they only looked around, they could actually save as much as six-tenths of a percentage point in quoted annual percentage rate (APR) quotes. Now, APR shows you a better picture of your annual mortgage expenses when fees are added to the quoted interest rate.

According to recent studies, APR quotes can range up to six-tenths of a percentage point. In better terms, on a $300,000 mortgage for 30 years and a fixed rate, getting the lowest APR means saving $26,780 on your mortgage.

Prepare the Needed Documents

With this, you need to plan your borrowing carefully. Mortgage planners here in Utah will be able to help you, and of course, you have to prepare yourself. Find out what your credit score is, quantify how much down payment you can afford, and start looking for properties you can afford.

Shop for Mortgages

Once you have the information lenders ask for, you can now contact multiple lenders for quotes, but you have to receive the quotes as simultaneously as possible. Quotes change every day. You can only find the best mortgage when you have comparable quotes given on the same day.

Subsequently, the final steps simply require studying the quotes you receive and choosing your lender.

Mortgage shopping is a simple process that you can easily do as long as you remember to do it. This simple task will be enough to drive your mortgage costs down in the long run and allow you to save money.