Did You Know – First Time Buyers Are Better Mortgage Shoppers?

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You must be thinking that people who are buying houses for the second or the third time are more experienced and therefore are better mortgage buyers. But that is not at all true, In fact, the newbie home buyers are a lot likely to shop around till they get the best mortgage loan to buy their new house. This is actually a very smart move and every homebuyer should definitely look around for the loan options before settling for one. It has been seen that by comparison shopping, over 40 thousand dollars worth of money can be saved on the interest.

Even though the first time buyers are completely new to the world of real estate but still they are entering the process of getting a loan, all prepared. Out of all the first time buyers, over 52% of them look for more than one lender while they are choosing the mortgage loan. However, 48% of the repeat buyers do this thing. Over 29% of the first time buyers are also seen to be applying with a mortgage in more than one places while for the repeat buyers it is just 20% of them applying at more than one places.

Research, however, says that the first time buyers are likely to shop around more to get that perfect loan because they are scared that they will not qualify for the loan. Surprisingly the first time buyers are also not very well versed on the process of a mortgage as they are going through it for the first time. However, this shows that the first time buyers are actually smarter as compared to the second or the third time experienced buyer. If you are an experienced buyer and reading this make sure you look out for various options before you settle for one.

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