NEW YORK – May 31, 2019 – Shopping around for a mortgage can provide savings beyond just the interest rate. Borrowers could save thousands in lender fees as well.
Borrowers who collect up to five offers from mortgage lenders could save more than $2,000 on mortgage fees, according to a new study from LendingTree of 300,000 loan offers. These extra fees include the costs for a mortgage application, underwriting, origination, appraisals, and up to 16 other fees that borrowers are charged by lenders.
Some mortgage fees are flat fees. Others may be based on a percentage of the loan amount.
“Most aspiring homebuyers are focused on saving for their down payment – and they may not have budgeted for additional thousands of dollars in fees,” the study’s authors note.
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