According to a study released last week by LendingTree which was detailed by Housing Wire, Americans are far more likely to go out of their way just to save money on a gallon of gas than they are to shop around for the best rate on a home loan.
We find that truly amazing. Of course, we would highly recommend doing your due diligence when looking around for the best possible mortgage rate/loan.
The statistics contained in the study found that 79 percent of Americans consider themselves to be “bargain hunters” and 92 percent of Americans have researched prices online for purchasing an item. However, just over 14 percent of Americans said they regularly comparison shop when it comes to loans, be them personal, mortgage or auto.
“It’s an interesting phenomenon. Consumers are generally very savvy with their shopping behavior when it comes to day-to-day purchases and material goods. But, once it comes to a major financial investment, we don’t see the same rational pattern of behavior and mentality for saving,” said Andrea Woroch, LendingTree’s consumer savings expert.
LendingTree’s survey found that when consumers were asked how often they looked for better prices when shopping for major financial loans (like a mortgage), only 30 percent of participants said they always look for the best rates.
“It’s easy to become emotionally involved with the purchase itself or to find the loan process so frustrating that you would rather finalize the purchase instead of shopping around,” said Woroch.
Our advice – just relax and thoroughly research.