Americans are not Shopping Smart for Mortgage Loans

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Posted To: MND NewsWire

Homeowners appear to be less than savvy shoppers when it comes to finding a mortgage to purchase or refinance their homes. A new study from Fannie Mae suggests that consumers could save money and find a more financially sustainable mortgage if they shopped more effectively. Further, the study showed that higher income consumers were more likely to do more research and approach the search for a mortgage more efficiently. For example, lower income survey respondents were more likely than those with a higher income to have obtained a quote from only one lender and to make less use of technology in their mortgage due diligence. The study, one in an ongoing series of Topic Analysis Reports produced by Fannie Mae, used data from the last three installments of its National Housing Survey. The survey...(read more)

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Source: www.mortgagenewsdaily.com

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