Many homeowners may be missing out on savings, as they don't comparison shop when taking out a mortgage, according to LendingTree.
A survey from the online mortgage marketplace found that 89 percent of American adults compare prices when making a large purchase, but just 51 percent do the same when taking out a mortgage. Those who don't comparison shop could be missing out on huge savings, as rates vary by as much as 1.5 percent for a 30-year fixed-rate mortgage.
"Deciding on a mortgage is likely the most important financial decision consumers will ever make, yet borrowers are more often than not taking the first offer that comes their way, failing to fully capitalize on low rates," said Doug Lebda, founder and CEO of LendingTree. "It is important for borrowers to understand that they have the power to choose which loan and which lender to use."
Lebda told the Los Angeles Times that many borrowers are just happy to have the mortgage process be over, when they should be willing to prolong it in order to obtain the best rate.
