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7 Reasons Only 1 in 4 Homebuyers Shop for a Mortgage

Written by:  

Patrick Boyaggi

Patrick Boyaggi

Patrick Boyaggi

CEO an Co-Founder

Patrick is the Co-Founder and CEO of Own Up. He has a wealth of experience and knowledge as a mortgage executive.

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7 Reasons Only 1 in 4 Homebuyers Shop for a Mortgage

Buying a home is likely the biggest financial transaction in one’s life, yet 77% of homebuyers apply with only one lender. Here are seven reasons only 1 in 4 homebuyers shop for a mortgage.

  1. Most homebuyers don't know that rates can vary between lenders (or in some cases within a company) by as much as .50% for the exact same borrower.
  2. Sites like LendingTree, which are supposed to help you shop, sell your personal information to the highest bidder even if they are not the right fit for you. Multiple lenders harass you by calling and emailing you incessantly.
  3. Lenders make it very hard to shop. They require you to provide your Social Security Number and documentation that is not necessary at the pre-qualification stage. Moreover, they do hard credit inquiries, which can negatively affect your credit score.
  4. Real Estate Agents recommend you work with lenders they’re comfortable with, even if that lender may not have the best rates or be the right fit for you.
  5. Lenders provide their rate and closing cost quotes in many different formats making it difficult to perform an apples-to-apples comparison.
  6. People don't trust the lenders that appear on shopping sites because the offers come with tons of fine print that allows the lender to display rates they can’t actually deliver.
  7. It’s nearly impossible to differentiate between lender quality and to know which lenders are the best fit for your unique profile.

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The information provided to you in Own Up blog is intended to be for general informational and educational purposes only and does not constitute legal or tax advice. This blog is not a substitute for obtaining legal or tax advice from a qualified professional. The views and opinions expressed on this blog are solely those of the authors and do not necessarily reflect the official policy or position of Own Up or describe Own Up's business model. Own Up makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the blog or the information, products, services, or related graphics contained on the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk.