Nearly Half of Home Buyers Don’t Shop Around for Mortgages

Nearly half of all home buyers in 2013, and 44.5 percent of first-time home buyers, seriously considered only one mortgage lender, according to a new survey published by the Consumer Financial Protection Bureau. The results suggest consumers may not be getting the best possible deal. The research also indicates consumers are relying on lenders for much of their information about home loans. About 70 percent of respondents said they were highly reliant on their mortgage lender or broker for information, while 33 percent said they leaned on real estate agents or home builders. CFPB plans to offer online tools to better educate consumers on the home loan process. | Read More