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For homebuyers, getting one preapproval for a mortgage that has palatable terms may seem good enough.
More than two-thirds — 69% — of homebuyers submit only one mortgage application, according to anew report from Zillow.
However, you shouldn’t stop there, experts say. With the average interest rate on a traditional 30-year mortgage sitting above 6.2% as of Friday, even a half-point difference in the rate can be a game-changer for some homebuyers, who already face elevated prices on housing and other necessary expenditures like groceries, health insurance and utilities.
Most homebuyers don’t shop around for mortgages. Why that’s a bad idea
