Orlando Mortgage Blog

What, Only 14% of Borrowers Choose Lender on Rate?

May 22nd, 2014 9:10 AM by BILL WILBANKS

According to a recent National Association of Realtors (NAR) report it is stated that 71% of all buyers (borrowers) are referred to a lender by the real estate agent. That's not surprising, really. The surprising part to me is that these buyers aren't shopping around far more than that for their best deal on mortgage financing today.

Additionally, it was stated that "Only 14% of borrowers said they based their lender choice on rates." What? This is unbelievable to me if this is correct!

Have move up buyers who have gone through the process of selling their current home found themselves too worn out by the end of that process to "shop pricing" on the most important financial decision after the actual purchase of the home they spend so much time shopping for. Are they just "settling" for whoever their realtor refers them too and giving up what could well prove to be thousands of dollars over the time they own the new house....because they failed to shop interest rates? Really?

And the first time buyers who are new to the home buying process know little about the financing side and apparently all too willing to be led through the process and "assume" a referral must be their best bet. They just want to close that first home.

The cost of your mortgage is very important. Come on folks. Don't do this to yourselves. A quarter percent higher rate than you should be getting quoted, higher fees or lower lender closing cost credit or rebates are REAL MONEY! Simply call for independent quotes. I bet you spend considerable time on the internet trying to get your best price and shipping cost on an item on a regular basis. Put at least that much effort into the cost of your mortgage!

I want to prove I can save you serious money now and for years to come. But, you have to make the effort to call me to let me prove it to you.

Bill Wilbanks

Posted in:General
Posted by BILL WILBANKS on May 22nd, 2014 9:10 AM


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