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Do You Suffer from Rate Shopping Syndrome?

Shopping Syndrome

When conducting a research on the rates and shopping for the possible rates, it is important to know that these are exactly different things. In researching on the mortgage rates, it means gathering all intelligent potentials on the rates that are being offered by different lenders. The research also includes other associated conditions. In the research, it matters that the would-be borrower understands the advantages and disadvantages of various offers and products.


The individual that does the research must collect the thoughts. He or she should be capable enough to making a balanced decision.


For rate shoppers, they are not after gaining knowledge. They are only searching for the lowest possible rates. Even their phone calls are done on a short basis and they have no formal introduction. There is already a challenge on big rate matching questions.


Apart from it, the call does not go that far. After uttering a few short sentences, the broker figures out the potential of the deal. Then, the conversation is taken into the next big logical action. It can be difficult to satisfy the rate shopper due to the following reasons:

  1. They are going to a huge bank or financial institution. They challenge the representative of a bank along their rates.
  2. The representatives of the bank advised the shoppers about the brokers getting a rate from strangers wherein they believe that their mortgage is not safe.


Among the things that make them afraid of are the following:

  1. They start to google for the best rates. They also spend more time in rate websites.
  2. After visiting these rate sites, they turn to brokers. They also play their game while the broker offers the lowest possible rates.
  3. They go to the bank, but get refused to the rate that is better than the brokers’ rate.
  4. They ask advice from their friends and obtain more discounts.
  5. After they obtained an approval, they analyze the numbers. Then, they spend on countless hours to present the best questions.
  6. They are being forced to choose a lender.


The problem with these shoppers is that they don’t realize where to stop. They are being driven by fear and greed.

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