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Shopping for a mortgage can really pay off

Americans are always on the lookout for a good deal. They delight in hunting for discounted jeans or snagging 25 percent off on the latest gadget. 
But Americans arent´t shopping around for one of their most expensive items-their mortgage.

47 percent of homebuyers don´t compare lenders

We found that 47 percent of all homeowners considered only one lender or broker for their mortgage.

Visiting just three lenders could save you thousands

A lower interest rate helps you in two ways: more of your payment goes toward your principal, and you´ll make lower payments.
Selecting a 4.0% interest rate instead of a 4.5% rate on a $200,000, 30-year fixed mortgage means you´ll pay off an additional $1,400 in principal in the first 5 years.
And, your payments will be nearly $60 a month less. That´s more than $3,500 over just the first 5 years.

You can put that savings to use by:

• Paying off your mortgage or other debts faster
• Saving for emergency home repairs (like when your washing machine is on the fritz)
• Making improvements to your home
• Putting a bit more aside for your future
• Or maybe even splurging on a family vacation

We´re here to help you with the home buying process.

Our Owning a Home tools show you the interest rates that others with a similar financial background are being offered,
help you understand loan options, and ease the closing process so you can make smarter decisions about your mortgage.

Consumer Financial Protection Bureau - cfpb

consumerfinance.gov/owning-a-home