The Hardcore Rate Shopper’s Worst Enemy

Jeff Mark
The Hardcore Rate Shopper’s Worst Enemy
The Hardcore Rate Shopper’s Worst Enemy

Let’s face it. Everybody wants the best rate, we get it. But, there’s a very special rate shopper out there – the hardcore one. And they’re their own worst enemy.

Who is this hardcore rate shopper, you ask?

This individual will persistently shop and grind until the very bitter end to ensure they get the absolute lowest rate. They’ll talk to the same group of bankers and brokers over and over to see what, if anything, has changed that will improve their mortgage rate. Getting that extra 1/100th of a percent of their rate is as sweet as the day their child took a first step.

Throughout the excitement of trying to indisputably secure the absolute lowest rate in the country, time inexplicably flies by and advice gets ignored.  Committing to any of the incumbents jousting for the business has been avoided. And just when they’re ready to take the plunge and proceed, the inevitable happens…

Rates Increase. Ooops.

There’s no time to actually do the deal because they waited too long. Ouch.

They apply, but don’t actually qualify for a mortgage. Unfortunate.

The deal gets done with an exorbitantly large amount of stress for all parties involved and the lawyer charges additional fees because of it. Typical.

And the list goes on.

The point is that we all want the best deal. But, at some point you have to commit and move forward. People miss out on deals daily because of this hardcore behavior. Don’t let it happen to you.