Searching For The Best Mortgage Rate Can Save You Thousands!!

You are excited to begin your search for your first home, a home that will fit your expanding family, or a home perfect for your retirement years.  What's the first thing you do?  It depends.  Some people call their local realtor.  Others call the mortgage guy first.  

When it's time to move to that next step of getting pre-approved, don't just go with the first banker that quotes you a percentage and says "You Are Pre-Approved".  It pays...and sometimes pays BIG...to shop around for the right home loan more than it does for any other loan you will more than likely get in your lifetime.  Let's face it...Purchasing a home is a huge decision and one that you will more than likely have for 15 - 30 years.  Getting off to a good start and getting the best interest rate can save you a lot of money.

According to Investopedia, "...on a 30-year mortgage for a $300,000 house, a homewoner would pay approximately $1,520 each month at a 4.5 percent rate.  If the homeowner was locked in at a slightly higher rate of 5.10 percent, it would increase their monthly mortgage payments to $1,633, which would make a difference of $40,633 over 30 years."  Yep...that's not chump change.  That's more than a good sized downpayment on another house and these days, you could practically buy another house for that price.

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