This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

LendingTree Survey By Harris Interactive Reveals Only 1-in-2 Homeowners With A Mortgage Comparison Shop For Their Mortgage

CHARLOTTE, N.C., Aug. 21, 2012 /PRNewswire/ -- Consumers today are avid comparison shoppers, committed to finding the best value for their money, however many home buyers fail to follow suit, accepting the first home loan offer they receive, missing out on substantial savings . According to a new LendingTree survey of 1,380 homeowners conducted online by Harris Interactive from May 31 to June 4, 2012, 89 percent of American adults compare prices when shopping for big purchases, but only 51 percent of homeowners with a mortgage comparison shopped for their current mortgage.

(Logo: http://photos.prnewswire.com/prnh/20110518/MM04455LOGO)

"Deciding on a mortgage is likely the most important financial decision consumers will ever make, yet borrowers are more often than not taking the first offer that comes their way, failing to fully capitalize on low rates," said Doug Lebda, founder and CEO of LendingTree. "It is important for borrowers to understand that they have the power to choose which loan and which lender to use. It is acceptable to negotiate with lenders and to walk away if you are not fully satisfied. Consumers need to be engaged in the mortgage process to secure the best deal."

LendingTree data showed from August 6 to 10, 2012 that rate variance is particularly high in the current low rate environment, with rates varying by as much as 1.5% for a 30-year fixed rate mortgage loan. For example, a consumer with a credit score of 759 and a loan amount of $260,000 might receive quotes from lenders ranging from 3.25% to 4.625%. By choosing the lowest rate, the borrower would save $214 per month, $2,568 per year and nearly $74,000 over the life of the loan. 

The study also reveals that two times as many women compared to men were not involved in obtaining their current mortgage (23 percent versus 12 percent, respectively). Forty-five percent of women mortgage-holders age 18 to 34 were not involved in obtaining their mortgage, compared to 21 percent of women ages 35 to 44 and 16 percent of women 45 to 54 years of age.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,493.37 -69.93 -0.42%
S&P 500 1,925.15 -5.52 -0.29%
NASDAQ 4,352.6390 -17.1340 -0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs