Home buyers spend twice as much time researching a new car purchase as they do investigating a home loan, and they are soliciting fewer mortgage quotes than they did two years ago, according to a recent Zillow survey. Borrowers who obtained a home loan in the past five years typically spent five hours researching their home financing options, which is unchanged from two years ago when Zillow first conducted this survey. Nearly one-third of borrowers say they spent less than two hours. However, consumers spent an average of 10 hours researching a new car purchase. Those who obtained a mortgage loan in the past five years solicited an average of three quotes, compared with four quotes reported in 2008.
Nearly two-thirds of borrowers say they would do things differently the next time they shop for a home loan:
- 58 percent want to compare loan terms on an “apples-to- apples” basis
- 56 percent want fees to be standardized and easier to understand
- 52 percent want it to be easier to shop around for rates
- 50 percent want to get more than one quote without sharing personal information
- 19 percent want to learn more about the mortgage process
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.