Source: Fox Business —
When it comes to researching which purchases best fit their finances, buyers said they spent more time browsing for cars and vacations than they did mortgages, a recent survey by Zillow Home Loans said.
Seventy-two percent of prospective homebuyers reported that they have not shopped around for a mortgage and they don’t intend to, the survey said.
By contrast, survey respondents said they spent a month researching other items before buying them, including their next car purchase (28%), their next vacation (23%) and their next TV purchase (12%).
Only 13% of respondents said that they spent a month researching mortgage lenders before they applied, the survey said
Nearly half (46%) of would-be buyers applying for a mortgage only submitted one application, which put them at risk of missing out on significant savings throughout their mortgage, the survey said.
“While TVs offer warranties and replacement plans in case something breaks, sometimes you only get one chance to get the right home loan structure and strategy in place,” Jim Black, executive director of lender strategy at Calque, said. “Markets move, home values go up and down and qualifications can change, which makes it crucial to work with a local expert that can offer you several different programs to make a concrete decision for the long term.