New finding suggest that women get worse mortgage rates than men do. Many at first may think that this is gender discrimination, but that is not the case. Women do not shop around for their mortgages as much as men do, which is what allows men to get better rates. If women were to start shopping around more, than they too could get a better mortgage rate.
One reason it seems that women get worse rates is that they listen to their friends more. If a woman has a friend who says that they got a good rate from one bank, or that they like a certain bank, women tend to listen and go with the bank that their friend likes. While men may be given advice on where a good bank is, they listen less and look around for where they can get a better rate.
Mortgage shopping can be a complex and time consuming activity. This shows us that maybe men have more financial knowledge than women do at least as far as mortgage shopping goes. This suggests that if women were to increase their financial knowledge then they may be able to better find mortgage rates that are better for them.
Experts suggest that you can simply call the mortgage lenders and banks that are a possibility for you to use. Talk to them about what their mortgages are like, get all the information that you can. Make sure that you write down any and all questions that you want to ask each financial institution, and then write down the answers that you are given so that you have the ability to compare later on what will be best for you.
Make sure that when you do call these places you do not ask for rates over the phone. Experts say that most companies will give you a lower estimate to get you into the door. Then when you do come in to apply for a mortgage, when you get approved you will have a higher rate than you thought that you were going to be getting.
Women can get better mortgage rates if they take a hint from men and shop around. Do your homework prior to getting a mortgage. The more educated you are about it the better off you will be. Take your time to make sure that you are getting the best mortgage for you.
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