When is it better to shop around than to stick with your bank?

Asked by Trulia Charlotte, Charlotte, NC Tue Apr 9, 2013

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Sherry S., Home Owner, Union County, NC
Wed May 8, 2013
I called around bank to bank to bank when I bought my first house, but with my current house, I actually used Fairway Independent Mortgage in Monroe, NC. Basically they do the legwork for you to find a good rate much like an insurance broker. I was really happy with them. The guy I worked with is named Dan.
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Jon Widdifie…, Agent, Charlotte, NC
Thu Apr 11, 2013
It is always better to shop around. Rarely will your bank give you the best rate or loan package.
Web Reference:  http://www.jonnyagent.com
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Daniel Fisher, Agent, Charlotte, NC
Tue Apr 9, 2013
Good afternoon:
If is best to compare APR's and financing scenarios based on your personal finances and what is important to you. If you get a terrific rate,but have to bring more to the closing than you have in the bank, that obviously won't work. If you pay a higher interest rate with one lender than you would with another, but they are giving you a lender credit or are helping you get a 4 to 1 matching grant for your down payment, then they are probably best. We recommend different lenders for different clients based on their specific needs, . If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
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Don Tepper, Agent, Burke, VA
Tue Apr 9, 2013
All the time.

At least get competing quotes.

One caveat: Beware of online lenders. Some are good. Some aren't. But there's often less accountability than if the lender is down the block and you can physically visit.
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