The holidays are almost here and you may have a long list of people to shop for. In fact, you may spend hours looking for the perfect gift for that special someone, or days searching for the most flattering party outfit for yourself. But how much time do you spend looking for the perfect mortgage? Considering it's the largest financial transaction you'll probably ever make, the answer is likely, "nowhere near enough time".
A previous survey conducted by Zillow revealed that the typical borrower spends only five hours researching their mortgage or home loan, the same amount of time as they spend researching their next vacation, and half the amount of time they spend researching their next car!
Lenders offer different types of mortgages with different terms, conditions and interest rates. As you would for any other consumer good or service, comparison shop for your mortgage and make sure you understand what's being offered. While it may be tempting to make your decision solely on interest rates, compare all the different mortgage features, such as prepayment options, that could save you money in the long run.
Let's talk about your housing wants and needs, and the benefits of getting pre-qualified for your housing loan. Confirming your budget prior to starting the homehunting process will allow for a more realistic and more enjoyable home-hunting process.