Shop for a Mortgage When Purchasing a Home
- Almost half of consumers who take out a mortgage fail to shop prior to filling out an application for a mortgage.
- While half of consumers shop around to see who advertises lower rates, fewer than one in four actually end up submitting a loan application to more than one lender or broker - NOT filling out applications with multiple lenders to see which one can offer them the best deal.
- 70 percent of consumers report relying on their lender or mortgage broker a lot to get information about mortgages.
- The survey found that among all borrowers – those who shopped and those who did not – 42 percent said having an established banking relationship with the lender is “very important.” Since most borrowers likely only have a few banking relationships, this likely inhibits shopping.
- Consumers who are confident in their knowledge about the mortgage process are more likely to shop around.
- Consumers who are confident about their knowledge of available interest rates are almost twice as likely to shop as consumers who are unfamiliar with available interest rates. The survey found that 55 percent of shoppers said they were very familiar with mortgage rates, while 30 percent of shoppers said they were not at all familiar.
This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.
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