A recent study by the Consumer Financial Protection Bureau and the Federal Housing Finance Agency found that almost half of U.S. homebuyers fail to shop prior to applying for a mortgage. Results were based on interviews with nearly 2,000 homebuyers who purchased a home in 2013. 47% of those interviewed surveyed said they seriously considered only one mortgage lender. For first-time homebuyers, the tendency to shop was higher (44.5%).
The good news is that most surveyed reported being "very familiar" with the different types of mortgages, available interest rates and the process of taking out a mortgage.
See the full report for more details.
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