Freddie Mac: Shop Smart, Save Big

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Posted To: MND NewsWire

They aren’t suggesting you shop ’til you drop, but Freddie Mac says neither should borrowers buy the first mortgage they see. Doug McManus and Elias Yannopoulos, members of the company’s Economic and Housing Research Group, write in its Insights Blog that shopping for a better mortgage rate could save a borrower hundreds or thousands of dollars. Yet, a 2015 survey by the Consumer Financial Protection Bureau found that almost half of consumers “seriously considered” only one lender before making a choice. More than three-quarters (77 percent) made application with only one lender and very few considered more than three. The Freddie Mac analysts say many borrowers don’t even realize that rates offered by lending institutions can vary widely. Their research indicates that just getting one additional…(read more)

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