Americans are not Shopping Smart for Mortgage Loans
Homeowners appear to be less than savvy shoppers when it comes to finding a mortgage to purchase or refinance their homes. A new study from Fannie Mae suggests that consumers could save money and find a more financially sustainable mortgage if they shopped more effectively.
Further, the study showed that higher income consumers were more likely to do more research and approach the search for a mortgage more efficiently. For example, lower income survey respondents were more likely than those with a higher income to have obtained a quote from only one lender and to make less use of technology in their mortgage due diligence.
Text above and image source: Mortgage News Daily
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