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Comparison Shopping for Your Mortgage

MORTGAGE CONSUMERS COMPARISON SHOP lendingtree for Everything except their Mortgage Less than a third People like shopping around, but not when it comes to their mortgage, even though they know interest rates vary. say they are very confident they received the best People researched more computers than they did their mortgage possible deal on their mortgage. 3.1 2.4 quotes were obtained on average Consumers overwhelmingly use the web to comparison shop, yet are not jumping online to compare mortgage rates: only 85% 96% comparison shop for everything do so online 91% think rates vary between lenders 39% received only one quote Yet only 1 in 5 shopped online first for mortgage rates find process of mortgage Buying a house is a decision that will affect consumers for the next 15-30 years, yet consumers spend the following amount of time shopping for their mortgage: 70% shopping to be frustrating. Reasons include: 10% brushing their teeth! 11% walking a dog 21% TERM complexity of terms 20% 1 in 5 say they spent the amount of time it takes going out to dinner 20% time-intensive 31% spent a full working day shopping for their mortgage Actually, dropping your rate from 5,5% to 4,5% could save you $208 per month 250K loan amount. 26% 41% spend less than a full day shopping for their mortgage 72% spend a full day or less shopping for their mortgage think they could save between $76 and $100 if they reduced their rate by 1%. Full survey results and a methodology are available | LendingTree and Harris Interactive

Comparison Shopping for Your Mortgage

shared by admin on Mar 18
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Many online shoppers are always on the hunt for a great deal. This is because the instant access of information via the Internet makes it possible to compare rates quickly and easily. However, it seem...

Publisher

LendingTree

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Category

Economy
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