Mortgage Shopaholic Part I: Shop It ‘Til You Drop It…The Rate that Is
Posted by Chris Williamson
July 11, 2008
ShopaholicAccording to the Merriam-Webster online dictionary, the definition of a shopaholic is someone who is extremely or excessively fond of shopping. Another online dictionary defines a shopaholic as someone who can never resist a bargain. These two definitions may sum up the essence of a person who lives by the motto “the one that dies with the most toys wins,” but when it comes to mortgage shoppers, the definition is slightly different.
The definition of a mortgage shopaholic is someone who excessively shops for a bargain. The motto of the mortgage shopaholic is “the one that gives me the lowest rate wins.” It sounds like a nice motto, but that motto should also come with a disclaimer, “the rates in the rearview mirror may be larger than they appear.”
Before we go further, let’s clear something up, the point of the post is not to attack the mortgage shopper, rather to empower the mortgage shopper with the knowledge to shop the right way. I encourage you to shop, but I want you to shop for the true bargain and trust me, the true bargain isn’t the lowest rate. Over the next few posts I am going to give you the inside scoop on how to shop for your mortgage correctly. I want you to shop beyond the rates and instead shop for expertise. Instead of calling lenders and brokers at random simply asking “what is the best rate you can get me?” start by asking “how are you going to structure my loan program to best serve my financial needs?”
Stay tuned for my next few posts as we uncover the symptoms, cause, consequences and cure of a mortgage shopaholic.
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