Mortgage Rates – Something Better Than Shopping For Rates
Is it possible? Something better than getting the best mortgage rates! Yes. I know its surprising and that it goes against what everyone says but it is true and
I can prove it.
First lets define what we mean by the best rates and the financial value that we can attach to shopping for the best rates. The best rate is the best mortgage rate available for you by any lender.
The advent of super mortgage brokers and the Internet has forced the mortgage industry to become very competitive. Each lender has his best rate and most of the time its within 0.06% of the rates of major banks. Shopping with a mortgage broker makes this easy.
The financial impact of getting a better rate of 0.06% on a 100,000$ mortgage is 1028$ over 25 years or 41.12$ per year. That is not what I call super savings!
Something better than the Best Rate
Dr. Milevsky at York University (Toronto, Canada) published a stunning report. He compared two mortgage strategies between 1950 and the year 2000 and found that:
88% of the time one strategy was better (money saved)
the average savings...
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