…The first mortgage quote they receive when purchasing a home. Being a real estate professional, I can not stress the importance of getting two mortgage quotes when getting ready to purchase a new home. The exception to this rule is unless you are using a reputable mortgage broker who is able to shop multiple lending institutions for you. I have always referred out a mortgage broker to my clients over the past 10 years. Brokers give multiple options since they have many banks they can shop your loan out to where as a bank only typically has one option to offer to you. Per a survey LendingTree.com just polled out to 1,300 homeowners here are some interesting results in regards to shopping for a mortgage.
- 40% reported that they only received one mortgage quote prior to purchasing.
- 96% reported that they comparison shop except when it comes to mortgages.
- 70% reported that they were very confused when comparing multiple mortgage quotes.
- 10% reported they only spent a few minutes researching for mortgage rates.
- 28% reported that they felt they got the best rate available.
I can not stress the importance to you of getting a good mortgage referral. Ask your Realtor, family, friends or co-workers for the contact information of the loan/mortgage officer who they had a good experience with. Since over 90% of my business is referral based, I have always said that when you are referred to someone, the person referring the contact to you has their reputation on the line first and it should be their goal to uphold the trust of the person who has referred that person to them and exceed all the expectations that have been set.
Bottom line is there are plenty of mortgage options for you out there, make sure you take advantage of them all and always have the right Real Estate Professional on your side.