Doing a little homework before choosing a mortgage could help save home buyers plenty of cash. Still, many consumers accept the first loan they’re offered, often not realizing they may be able to get a better deal.
On any given day, lenders and brokers might offer different interest rates and fees to different consumers for the same loan. In fact, neither lenders nor brokers are required to find the best or most affordable loan for you. According to the Federal Reserve Board, the best way to avoid overpaying for a mortgage is to shop around. The Fed offers these tips:
For more information in Spanish or English, visit www.federal reserve.gov/consumerinfo or call Federal Reserve Consumer Help at 888-851-1920 (phone), 877-766-8533 (TTY).