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Consumers usually hunt for the best deal -- except when it comes to their mortgages. While 96 percent of American consumers compare prices when shopping, nearly 40 percent obtain just one home loan quote, according to[IMAGE]
a new survey from ""LendingTree"":http://www.lendingtree.com, a Charlotte-based online lender exchange and personal finance resource. ""Harris Interactive"":http://www.harrisinteractive.com conducted the survey in September by polling 1,317 homeowners online.
The survey, which is based on a nationally representative sample of current homeowners who were involved in shopping for their home loans, also revealed that only 28 percent of borrowers are very confident they received the best possible deal on their current mortgages. Even though
[COLUMN_BREAK]85 percent of consumers use the Web to comparison shop other items, only 21 percent say they shopped online first for mortgage rates.
""Choosing a mortgage is probably the most important financial decision most of us will ever make, yet many consumers simply take the first offer that comes their way,"" said Doug Lebda, chairman and CEO of LendingTree. ""It's a gamble that leaves many borrowers uncertain they've received the best deal on their mortgage. Our research clearly shows that homebuyers and homeowners need help navigating the often complex world of home loan financing.""
According to the survey, 70 percent of borrowers find shopping for a mortgage frustrating, citing the complexity of the terms (21 percent) and time-intensiveness of the process (20 percent). This might explain why even though 91 percent of borrowers understand interest rates vary between lenders, 40 percent obtain just one home loan quote.
More than 70 percent of those surveyed said they spent the equivalent of a full working day or less shopping for a home loan. However, LendingTree explained this was a surprise, considering it will affect the homeowner for 15 to 30 years depending on the loan terms.
""At the end of the day, 30 years is too long to be in the wrong loan,"" Lebda said.
