The CFPB ( Consumer Finance Protection Bureau) reports that half of consumers do not shop around for their mortgage. *
Buying a home is one of the largest purchases the consumer can make, yet nearly half fail to shop around for the best deal.
The CFPB reports that failing to shop could cost you thousands!
Why don’t consumers shop around for their mortgage? Most report that they aren’t aware of how or where they can do it, stating “there isn’t an online store” that offers a huge variety of loan products.
Well, actually there is.
When you call New Season Mortgage, you are shopping other lenders. We are all licensed Loan Originators who offer 100’s of loans from most of the largest Wholesale lenders in the United States.
When you apply for a loan with New Season Mortgage (NSMloans) you will receive several offers from a variety of lenders. Your licensed Loan Originator will provide you a choice of loans with different interest rates and features. They will assist you in making the right choice for your financial position and long term goals.
On average, we save our clients an estimated $3,500 in closing costs and $60 a month in payments.
What shopping around for a mortgage could mean for your wallet
3.500% interest rate cost over 5 years
$29,952
Interest costs over 5 years at 3.5%
4.375% interest rate cost over 5 years
$37,694
Interest costs over 5 years at 4.375%
Money that could have been saved over 5 years
$7,743
Money saved over 5 years by going with the lower interest rate of 3.5%
Save even more by comparing closing and loan costs
When your get a mortgage (whether it’s for a purchase or refinance), there are costs incurred. These are collectively referred to as “Closing Costs”.
They include lender charges, bank charges, title fees, taxes and third party fees. By law, these must be disclosed upon loan application.
Failing to compare these costs could also cost you thousands. When you work with a New Season Mortgage Loan Originator, we will go over these costs with you and help you compare them between lenders. Our only lender fees are: the underwriting fee (between $995 – $1200, depending on the lender), the appraisal fee (between $650 – $900, depending on the property and its location), and the tax service fee (between $25 – $95, depending on the lender.
No broker fee, no origination fee, no application fee.
Call us at 720-608-1644
or apply online
You’ll be able to shop your rate and terms with several lenders.
We close most of our loans within two weeks! Another advantage of going directly to the lender.
Great Resources for further reading:
For the complete article from the CFPB please visit their website at CFPB recommends shopping for a loan
Guide to comparing closing costs and your Loan Estimate can also be found at CFPB loan estimate explained
Guide to understanding your credit and credit scores, along with how to get your free credit report can be found on the CFPB consumer credit website.
