Despite Mortgage Meltdown, Today's Borrowers Continue to Spend Twice as Much ...
. "Not understanding a home loan can have catastrophic consequences. Starting from our first survey two years ago, I've been surprised that people spend more time shopping for cars and televisions than they do researching mortgages. I'm further surprised that they spend no more time shopping for mortgages now than they did two years ago, even in the midst of an unprecedented foreclosure crisis. People spend countless hours shopping for the perfect home, yet few realize that small differences in the interest rate or discount points can add tens of thousands of dollars to the overall cost of the home. In an area like mortgages, where the lender has so much more information that the typical borrower, getting multiple offers from lenders and being able to compare them relative to one another is critical to leveling the playing field."In fact, borrowers who shop around and get a number of mortgage quotes can save thousands over the life of the loan -- even half
