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Are your buyers wasting thousands of dollars?

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01/20/2015 | Author: Editorial Staff

In 2013, 47% of homeowners only considered one lender or broker for their mortgage, according to a recent report from the Consumer Financial Protection Bureau. Because of this, buyers could be missing out on getting a better interest rate on their loan, which leads to long-term cost savings. The CFPB’s research shows that a borrower getting a 30-year fixed-rate conventional loan could be quoted interest rates that vary by more than half a percent.

How come buyers aren’t researching for a competitive interest rate? It may be because of who they rely on for information about mortgages. The CFPB’s report says consumers rely mostly on lenders and brokers as a source of information about mortgages, therefore helping determine what type of mortgage a buyer chooses. The next source consumers rely on is their real estate agent. So how can you help?

Tell buyers to check mortgage rates online, so they are aware of the current marketplace. The CFPB has an online tool that shows consumers current statewide rates and how they affect costs.

Help buyers understand their loan options. They may not realize how many choices are available.

Make sure buyers know that they can get quotes from a variety of sources, including their bank and online. Once they have those quotes, they can use them to negotiate with lenders for the best deal.

Categories: Business tips, Buyers
Tags: mortgage, loans, buyers, research

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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