November 13th, 2007 4:15 PM by BILL WILBANKS
It would certainly appear to be the case in the last 6 months or so. You don't have to watch the news for very long to know that the market is off in Florida this year both on purchase and refinance transactions. The talking heads certainly talk about it enough. But, there still are many refinances and even purchases taking place daily. What we aren't seeing is the typical numbers of rate shoppers. They should be shopping right now!
In my experience, an average mortgage borrower, if asked, says they got at least 3 to 6 quotes before deciding on where to place their loan. That sounds good, but probably high in reality. Though it's tough to put a number on, the number of shopper calls made to everyone I've spoken with in the business are down this year. It might be borrower burnout or malaise or even a false belief that mortgage quotes are all "pretty much the same and large lenders with household names are very competitive, aren't they"? Don't believe it. When's the last time you paid sticker price for a new car? Never...?
If you have closed a loan recently, did you really shop around? If you are in the market now, are you shopping around, and if not, why wouldn't you? Do yourself a big favor. Compare written estimates, the more the better on the same day. You'll be surprised.
Bill Wilbanks / www.OrlandoMortgageMasters.com