About 50% of home buyers do not bother to shop around for a mortgage when buying a home, according to a newly released report by the Consumer Financial Protection Bureau (CFPB). Indeed, Americans seem penny wise and pound foolish when it comes to finances. Consumers spend a lot of time looking for bargains for their daily purchases but spend little time for financial bargain hunting on larger matters.
American consumers sort through coupons, look for sales, and even look into which store gives them more bang for the buck. They will put enormous efforts into getting bargains for electronics, appliances, cars, and hotel rooms. But the CFPB survey of recent mortgage borrowers found that almost half do not look around for the best available mortgage rates when buying a home – the biggest purchase they will ever make.
via About Half of Homebuyers Do Not Shop Around for Mortgages – MainStreet.
