You probably comparison-shop for most of your purchases, especially the high-dollar ones. If you’re going to spend money on a new appliance or an automobile, you want to review options to make sure you’re getting the best deal.
According to the Consumer Financial Protection Bureau (CFPB), there’s a big exception to this rule – mortgages. Almost one-third of homebuyers don’t bother shopping around with different lenders to find the best mortgage rate offer for their home purchase. In fact, over three-quarters of homebuyers applied for a mortgage with only one lender!
Why would you not shop around for the mortgage rate on your new home – the largest purchase that most Americans will ever make in their lifetime?
The CFPB suggests several reasons, topped by the assumption that shopping makes no tangible difference. A previous survey by the CFPB and the Federal Housing Finance Agency found that most consumers assume all mortgage lenders offer roughly the sam…