Shopping around for a mortgage can save you thousands

Source: Kenneth Harney, Washington Post (Paid Registration)

It’s one of the weirder documented facts about home-buying in America: Surprising numbers of consumers don’t bother to shop for mortgage money, even though they could save tens of thousands of dollars through lower interest payments by doing so.

Even on a $200,000, 30-year fixed-rate loan, choosing a lender quoting a 4.5 percent rate, compared with a lender who’ll do the loan at 4 percent, can cost you $3,500 in the first 60 months alone. Compare that with saving a few bucks filling up on gas.

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