According to a recent study, women do very little shopping around when mortgage refinancing. If you neglect to shop around when applying for a home loan you can almost guarantee that you’ll overpay. According to this study, women are much more likely to follow the recommendation of a friend or family member, making them 32% more likely to overpay. Here are several tips from MortgageLoan.com to help you avoid overpaying for your next home loan:
If you want to get the lowest mortgage rate on a home loan, you absolutely have to shop around. Unfortunately, it seems that many women aren’t doing that. According to a recent study, women tend to pay higher mortgage rates than men do. That’s not because of discrimination, the researchers found, but because men are more likely to check with several different lenders in order to find the best rate.
How to Shop for the Lowest Refinance Mortgage Rates
This article offers several helpful tips for shopping for the lowest refinance mortgage rates. Because mortgage rates can change on a daily basis the author suggests restricting your mortgage quotes to the same day, even just collecting them in the morning or afternoon. You should also pay close attention to the fees in your loan documents.
One of the most common mortgage mistakes is overpaying the loan origination fee. A reasonable amount to pay the person arranging your home loan is one percent of the loan amount; don’t be afraid to haggle over the mortgage origination fee as it is negotiable.
You can learn more about avoiding unnecessary fees while getting the lowest mortgage refinance rates by checking out my free Underground Mortgage Videos.