Consumers don’t comparison shop mortgages
CHARLOTTE, N.C. – Dec. 17, 2010 – Consumers today are expert comparison shoppers, always on the hunt for the best deal, but when it comes to their mortgage, borrowers often lock in their first home loan offer.
According to a new LendingTree survey of 1,317 homeowners conducted online by Harris Interactive in September, 96 percent of American consumers compare prices when shopping for anything, but nearly 40 percent obtain just one home loan quote. By comparison, when shopping for a home computer, consumers research an average of 3.1 models before making a purchase. As a result, only 28 percent of borrowers are very confident they received the best possible deal on their current mortgage.
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