Homebuyers Aren’t Big on Mortgage Shopping

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Posted To: MND NewsWire

Doug Duncan, Fannie Mae’s chief economist, says homebuyers need to do more shopping around before they settle on a mortgage lender. Results from a recent National Housing Survey shows that one-third of consumers who bought a home last year got only one mortgage quote. Duncan’s report notes that consumers are typically “keen” to compare prices before buying ordinary goods or services – about three out of four say they like to shop around before making a purchase, but yet when it comes to getting a mortgage fewer do. This despite the stakes being generally much higher, “as it is one of the biggest expenses most people will ever incur and shopping for multiple quotes can save borrowers thousands of dollars,” Duncan says. Repeat homebuyers were less likely to get more than one quote than first…(read more)

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