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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."