Mortgage shopping is all about technique

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Last week I reported the results of a mortgage shopping expedition, but did not say much about how I got those results. This article is about shopping technique. Most of it is simple. In a highly imperfect market, an investment in the time needed to shop effectively can pay large dividends. Shop online: Lenders generally are prepared to deliver the prices they post online. Prices shown in printed media are obsolete when they are published, while quotes offered over the telephone are worthless. Shop on Friday: Because the market is highly volatile, valid price comparisons have to be made on the same day. You don't shop lender A on Monday and lender B on Tuesday because prices are reset every morning. My favorite day to shop is Friday because the prices lenders post on Friday hold until Monday, which gives me more time if I need it. If you shop any other weekday, you have to finish it all before prices are reset the following day. Decide the instrument you want: On my Web ...