Study Reveals That Americans Don’t Really Shop Around for Mortgages

A study released by LendingTree found that, though 79 percent of Americans consider themselves “bargain hunters,” only 14 percent of Americans say they shop around when it comes to loans.

In other words, “Americans are far more likely to go out of their way just to save 10 cents on a gallon of gas than they are to shop around for the best rate on a home loan,” HousingWire reports.

“Consumers may be too focused on price or the monthly payment and fail to consider the lifetime cost of interest which can add up quickly,” Andrea Woroch, LendingTree’s consumer savings expert, told HousingWire. “Over a five-year auto loan, or 30-year mortgage, a 1% difference between interest rates can easily translate to thousands of dollars.”

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