Survey: Buyers not shopping around for mortgage

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Survey: Buyers not shopping around for mortgage

December 16, 2010 - Consumers seem to have no problem shopping around for moving quotes, but when it comes to applying for a mortgage, many show less determination.

A survey of 1,317 homeowners by LendingTree found that while 96 percent of Americans comparison shop for just about anything, only 40 percent do so when its time to apply for a mortgage or refinance. Furthermore, the study showed while 85 percent use the web to look around for the best prices on products, just 21 percent go online to look for mortgage quotes. Consumers seem to be in a rush to end the mortgage process - one in 10 say they spend just as long shopping for a mortgage as they do brushing their teeth.

The reasoning had little to do with an ignorance regarding the benefits of comparison shopping - 91 percent said they understood interest rates vary between lenders. Instead, 70 percent said they don't shop around because the process is "frustrating."

Taking the first mortgage offer they see is "a gamble that leaves many borrowers uncertain they've received the best deal on their mortgage," said LendingTree CEO Doug Lebda. "Our research clearly shows that homebuyers and homeowners need help navigating the often complex world of home loan financing."

Shopping around can be particularly valuable at a time where mortgage rates fluctuate frequently. The Mortgage Bankers Association reported that those moving into new homes last week encountered mortgage rates averaging 4.84 percent on 30-year loans, much higher than the record-low rates found earlier this fall.

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