They have no trouble comparing prices for other big items, such as a car or a TV, but when it comes to a house, it’s a different matter entirely. If you are looking for a new house or your mortgage is up for renewal, you may be asking yourself if you should shop around for a mortgage rate. Being loyal to your lender doesn’t really give you too many perks because let’s face it the most they will probably do for you is try to cross sell you some other products that you don’t really need.
If this is the case then you should probably start looking at refinancing because your lender may be leaving you out of pocket. Consumers who consider interest rates offered by multiple lenders or brokers may see substantial differences in the rates so that’s why we believe that consumers should be shopping around. Consider switching or even shopping around won’t hurt and the benefits of switching could easily out weigh being complacent with your current home loan. If you time your refinancing correctly then you can be lucky enough to lower your monthly mortgage repayment by locking in a lower variable rate that could even drop in the future.
Conquer the fear of change and save some extra cash that is better in your pocket instead of the lenders, treat yourself to those new golf clubs, buy your partner to a new pair of shoes or take the family on that holiday that they deserve.