Skip to main content

Consumers Spending Less Time Researching Mortgages

Phil Hall
May 04, 2016
When it comes to researching lending options, it appears that Americans spend more time analyzing auto loans than home loans

When it comes to researching lending options, it appears that Americans spend more time analyzing auto loans than home loans.

According to new survey from Zillow, one in five respondents (18 percent) admitted spending only one hour or less shopping for their mortgage. But more time was spent researching the costs of buying a car (11 hours) and looking into potential vacation destinations (eight hours).

Among demographic groups, Millennials spend the most time researching or shopping for a mortgage, obtaining an average of six quotes on home loans, versus an average of four quotes by Gen X shoppers and three quotes by Baby Boomers.

"When it comes to spending money on our daily expenses, we all understand the value in taking time to shop around, compare product reviews online, or research retailers to ensure we are making a wise purchase," said Erin Lantz, vice president of mortgages for Zillow Group. "Yet surprisingly, very few prospective homebuyers apply that same diligence to choosing a lender and a home loan, despite the fact that is likely the largest purchase they will ever undertake. Unfortunately, that mistake could be costly–a small difference in the interest rate can add tens of thousands of dollars to your mortgage."

Published
May 04, 2016
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021