Consumers will research on average 3 different models of computers before purchasing one. Why does the real estate correspondent care about computers? I don’t. I’m just throwing out some important background information to make my point, like that 96 percent of American consumers compare prices when shopping for anything.
Here’s my point: 40 percent of us get just one quote when shopping for a home loan.
“I think it reflects that consumers are still very confused,” notes Doug Lebda, CEO of LendingTree, which did the survey. Yes, I know, LendingTree is an online service that helps you shop for loans, but they did it through Harris Interactive, which surveyed over 1,300 homeowners.
“When you’re shopping for a mortgage, there are lots of rates and terms and points and programs being thrown at you,” explains Lebda. “You might be almost upside down on your mortgage, you’ve just gone through two years of great confusion in your financial lives, and so you feel maybe just happy to be getting a deal and to be saving a little money and to be actually qualifying.”
Now here’s the really ridiculous part: Only 28 percent of the people surveyed said they were confident they got the best deal.