Sanibel real estate blog: Shop for a Mortgage

IN a survey taken recently, it looks like mortgage consumers are not shopping around. If you are checking out Sanibel real estate and need a mortgage info, we have a list of reputable lenders and would be happy to provide it.

Today’s report is based on results from the new National Survey of Mortgage Borrowers, a voluntary survey jointly conducted by the CFPB and the Federal Housing Finance Agency (FHA). The Bureau analyzed responses from consumers who took out a mortgage to buy a home in 2013. Among the key findings:

  • Almost half of consumers fail to shop prior to filling out an application for a mortgage. This means these consumers are seriously considering only a single lender or mortgage broker before choosing where to apply.
  • Three out of four consumers only apply with one lender or broker: While half shop around to see which lender advertises lower rates, fewer than one out of four borrowers apply to more than one as a way to compare bottom line rates and their best deal.
  • Most consumers get information from lenders or brokers, who have a stake in the outcome: 70 percent said they relied on their lender or mortgage broker a lot for information about mortgages.
  • Borrowers who prioritize the terms of the loan over the characteristics of the lender are more likely to shop around
  • Consumers who are confident in their knowledge about the mortgage process are more likely to shop around: 55 percent said they were very familiar with mortgage rates, while 30 percent of shoppers said they were not at all familiar.

So check around for a mortgage when checking out that Sanibel real estate! And while checking out Sanibel real estate, be sure and check the current  listings at www.chuckandrews.com or give Chuck a call at 239-849-3396.

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