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40% of Home Buyers Don’t Shop Mortgage Rates

That’s an astounding number when you think about it! That means that 2 out of 5 home buyers only applied with one lender, but only 1 in 4 or 28% feel confident that they got the best deal.

Typically, I suggest buyers should shop around, but don’t just shop at your local banking institution. Sure, getting your home loan through the institution where you keep all of your money makes perfect sense… until you get lost in the tangled web of a big machine. True, they may be able to offer you a free credit report, but in the long run, is a free credit report worth a two week to a month long delay in closing? Probably not.

Unfortunately too many buyers get caught up in the freebies that larger lending institutions offer, but nothing can substitute supreme customer service, competitive rates, comparable and sometimes superior products, and who can beat a friendly smile at the end of the day? Oftentimes you’ll never even meet the loan officer when you use a large, national banking or lending institution, but if you choose to work with someone who has intimate knowledge of the area you’re interested in purchasing in, it will save you hours of frustration in the long run.

While I can’t mention any of the lenders to stay away from, I can always help you find one that will take care of you. Just take a quick browse through the Hoping to Buy section and give any of the three fabulous local lenders listed a call for the best service available.

*Data from a poll by Harris Interactive and LendingTree comprised of 1317 respondents.

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