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The CFPB or Consumer Financial Protection Bureau is the national financial governing body responsible for protecting all consumers and is an organization put in place after the big financial meltdown a few years ago. The CFPB conducted a nationwide study and they recently published some key results about mortgages that consumers need to know.

The study found that 77% of home buyers applied to only one lender for their mortgage. That means that only 23% shopped their mortgage around for competitive offers. The study showed that because borrowers did not shop their mortgage, it cost them billions of dollars in unnecessary fees and higher rates.

The reasons that the borrowers didn’t shop for different mortgage offers-- consumers said they had faith in their present lender, often the bank they’ve used for some time, or one of the big national mortgage lenders. These huge lenders depend upon their clients not shopping around, and that’s why borrowers often receive higher rates and fees—they know they won’t have a competitive mortgage offer.

The best way to find the best mortgage loan is to simply pick up the phone and call more than one lender-- make sure to include a local trusted mortgage company, who may be able to be much more competitive with mortgage rates and fees. At Indigo Mortgage, we are happy to answer your mortgage questions and to help borrowers understand how to comparison shop rates and fees.

Published in Blog
Tuesday, 06 December 2016 15:56

KKOB on December 6

Ben Lucero, founder of Indigo Mortgage, discusses what the possible interest rate increase could mean for consumers, as well as offers tips on how to keep your rates low!

Published in Radio