WASHINGTON — We don’t mind hunting down the best shopping deals, but when it comes to seeking out the best loan, we usually take the first deal we’re given.
“They don’t realize that interest rates can vary by as much as 1 percentage point between lenders,” money-saving expert Andrea Woroch told WTOP Wednesday. “And while that sounds minimal, it translates into thousands of dollars in extra costs, especially on a major home loan.”
To be more informed, consumers should use LendingTree.com, which shows lists of potential lenders near your home. Among other things, the site provides a snapshot of potential lenders based on your credit profile.
That means you should know your credit score — no matter how bad or good it is. Woroch cautions consumers to not ignore the three-digit number, as a less than ideal score could hamper your ability to secure loans.
You can also check your credit through Experian, TransUnion and Equifax.
In keeping up with your score, you could find potentially fraudulent accounts, which could be bringing down your credit.
Listen to Woroch’s full interview below.
