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Home » Blogs » Cynthia Corogin's blog

Most Buyers Don't Shop For Mortgages

Submitted by Cynthia Corogin on Fri, 09/30/2011 - 07:22
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According to a factoid in February's REALTOR magazine, a recent poll conducted by Harris Interactive and LendingTree revealed that 40% of home buyers obtain only one mortgage loan quote.  "Why?" you might ask.... it turns out that 70% said they find mortgage shopping to be a frustrating experience in part due to the complexity of the terms and the amount of time it takes. 

But this is significant.... only 28% of the of 1,317 respondents said that they were confident they got the best mortgage deal.   Since a typical mortgage period is still 30 years - or even if it is for 15 years - by taking time to shop for the best mortgage rate, you will save a considerable amount of money.  Isn't it worth it to be a better consumer of your mortgage? 

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