Why You Should Shop Around For Mortgage Rates and Mortgage Terms.

A difference of even half a percentage point in the mortgage rate can mean a huge savings over the life of a mortgage loan.

As an example, the difference in the monthly payment on a $100,000 mortgage at 8 percent when compared to a rate of 7.5 percent is about $35 per month. Over a 30 year term of the mortgage that amounts to $12,600.

So, it does pay to shop around for mortgage rates and mortgage terms.