Get the Best Deal on a Mortgage
If you comparison shop for everything else, don't be afraid to put those skills to use when looking for a home loan.
The popularity (and insanity) of Black Friday is pretty good proof that Americans love deals. You have to really value a bargain if you're willing to get up before the sun rises, wait in long lines and battle the crowds. This year, 212 million people hit the stores and Web sites over Thanksgiving weekend in search of deeply discounted items, according to the National Retail Federation.
Yet most of us fail to look for the best deal when shopping for one of the most-expensive things we'll every pay for: our home loan. Less than one-third of borrowers said they felt confident they got the best deal on their current mortgage, according to a survey relaeased December 14 by LendingTree, an online mortgage-shopping service.
Of the 1,317 homeowners surveyed, 96% said they compare prices when shopping for anything, but 40% said they only got just one home-loan quote. The study shows that 85% said they used the Web to comparison shop, but only 21% turned to the Web first to compare mortgage rates.
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One reason why borrowers don't spend a lot of time looking for the best home-loan deal is because they find mortgage shopping frustrating, according to the survey. Mortgage terms are complex and the process is time consuming, they said.
To make it easier, Kiplinger's walks you through the basics of comparing home loans and finding the best for you in Pick the Right Mortgage. You'll learn about the pros and cons of the various types of loans and what to expect during the mortgage application process. Then you'll be armed with the information you need so you can get the best deal on a mortgage.
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