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40% of Homeowners Take the First Loan Offer

December 16, 2010

A poll of over 1300 homeowners indicates that 40% of them made a purchase on a home and only received one mortgage quote, and also that 96% comparison shop except when it comes to mortgages.  The survey also indicates that only 28% believed that they received the best deal on their mortgage, while 70% found that comparing terms and the process of comparison shopping to be frusterating.  This is somewhat disturbing, seeing as how the loan is one of the most costly parts about buying a home, accounting for well much more than 50% of all closing costs.  I always recommend to my buyers to SHOP AROUND, for both the loan and insurance, and to that end, I will generally refer more than one lender/insurance agent.  Also, the new Good Faith Estimates that are now required by law for lenders to use should make it a lot easier for consumers to comparison shop. 

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