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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
Monday, 10 July 2017 06:00

KKOB on July 11

On KKOB this morning, Ben Lucero discusses why it's so important to shop around before accepting a loan proposal. Learn how you can save money on your mortgage loan.

Published in Radio
Monday, 10 July 2017 06:00

13 Billion Dollar Shopping Cost

At Indigo Mortgage, we always urge our clients to shop around for their mortgage loans, and for good reason. The Consumer Financial Protection Bureau (CFPB), the federal governing agency responsible for consumer financial protection, just conducted a national survey and found that only 50% of consumers bothered to shop around and research their mortgage loan. Those consumers who did not shop around ended up having to pay $13 billion in fees, fees that could have been avoided.

According to the CFPB’s findings, borrowers took their first offer from a large institutional lender, internet lender, or a national bank. “Consumers put great thought into the choice of a home, but the mortgage process continues to be intimidating” says CFPB Director Richard Cordray, “Shopping for a loan can save big dollars in the long run.”

Rates can vary as much as ½ a percent from one lender to the next, and even at the same rate, the closing costs can vary by several thousand dollars. Don’t assume that your lender is going to give you the best deal. At Indigo Mortgage, we believe that an educated borrower can save themselves thousands of dollars by making an informed choice. If you have any questions about your mortgage loan, call Indigo Mortgage, we will be happy to answer your questions and show you the important elements of loan proposals, so you can save money!

Published in Blog

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