Borrowers don’t do things differently
WASHINGTON – May 4, 2010 – Borrowers say they spend no more time researching a mortgage loan today than they did two years ago before the market meltdown, according to a survey by Zillow.com. And that's unfortunate, says Zillow Chief Economist Stan Humphries
"The last few years should have driven home the lesson that understanding one's home loan is critically important, but mortgages continue to be something that most people don't want to spend time thinking about," he says.
The survey found that of the 16 percent of U.S. adults who obtained or refinanced a home loan in the last five years, 65 percent would do things differently if they could.
- 58 percent would like to compare terms for loans on an apples-to-apples basis
- 56 percent would like fees standardized and easier to understand
- 52 percent would like it to be easier to shop around for rates
- 50 percent would like to get more than one quote without sharing personal information
- 19 percent would want to learn more about the mortgage process
- 15 percent would want it to be easier to choose a lender based on other's experiences
Source: Zillow.com (04/29/2010)
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