Borrowers spend less time researching a home loan than a car purchase

used-car-salesmanDespite the credit freeze of 2008, borrowers have not changed the amount of time they spend researching a home loan. The survey found that borrowers who obtained a home loan in the past five years typically spent five hours researching their options, unchanged from March 2008. Nearly one-third (31 percent) spent two hours or less. This is on par with the typical time spent researching a vacation or computer purchase, and half the time consumers typically allocate to research a car purchase.

In the past five years, 16 percent of U.S. adults report they have obtained or refinanced a home loan and two-thirds (65 percent) of those admit they want to do things differently when shopping for their next home loan, according to the survey.

I cannot tell you how important it is to do your due diligence in selecting a lender.  Tomorrow one of my sellers is due to close escrow.  The buyer had originally agreed to use my dependable lending partner, but changed his mind at the last minute because he found some ‘punk’ to give him better pricing.  Well, here it is, one day away from closing and his lender hasn’t sent loan docs into escrow.  It will take about 3 days after he does so to be able to close escrow.  We cannot close on the weekend so add another few days onto that. The buyer may be subject to a per diem fee for every day that he closes late – that is IF he closes escrow.  The seller could also accept one of her many back-up offers and the buyer would lose out completely.  It just isn’t worth it to go with a lender that doesn’t come recommended by your Realtor.  If you would like to be hooked up with the kind of lender that even helps get your offer accepted, give me a call and I will send you the right direction.

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