If you're not comparison shopping when looking for a home loan, you're probably losing money when you take out a new mortgage.
Half of home buyers look to only one lender when buying a home, according to a survey from NerdWallet.
And that is a mistake, according to the personal finance website. If you compare rates between five different lenders, you could stand to save $430 in interest in the first year on a 30-year fixed-rate $260,000 mortgage.
"That savings would accumulate and compound for every year that they had the loan," said Holden Lewis, home expert at NerdWallet.
If all Americans did this, they could save $776 million in one year across all home sales, according to NerdWallet's calculations.
