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More than half of homebuyers don’t shop for a mortgage: LendingTree

Despite the potential for savings, more than half of all U.S. homebuyers (54%) who took out a mortgage for their most recent home purchase received only one loan offer. This indicates that a sizable portion of borrowers do not shop around for the best mortgage deal, according to new survey results from LendingTree.

Twenty-two percent of survey respondents received two offers, while 17% received three or more offers. At a generational level, baby boomers were the least likely cohort to comparison shop. Only 28% of boomer respondents shopped around, compared to 62% of millennials, the results found.

LendingTree details ⇒

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