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January 14, 2015

Nearly 50% of Homebuyers Aren't Shopping Around

Research and Analysis
Survey: Homebuyers Not Shopping Mortgages

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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