Most Homebuyers Don’t Shop for a Mortgage, And It’s Costing Them Thousands
At Quazel Mortgage, we believe transparency and education are key to making confident financial decisions. That’s why we’re shining a spotlight on a recent LendingTree study that shows just how much buyers could be leaving on the table by not shopping around for their mortgage.
The study, conducted in April 2024 and published in May, surveyed over 2,000 U.S. consumers. It found that 54% of buyers only received one mortgage offer when purchasing their most recent home, despite the fact that 45% of those who did shop around found a better deal elsewhere.
Why This Matters
Mortgages are one of the biggest financial decisions most people make. Yet more than half of homebuyers are choosing the first offer they get—without comparing options. It’s like accepting the first price you see on a car without checking other dealerships. Would you ever do that?
Here's what the LendingTree data tells us:
45% of mortgage shoppers got a better offer than their first one
81% of homeowners who refinanced and shopped around found a lower rate
Millennials were the most likely to comparison shop (62%), while only 28% of baby boomers did the same
Men (49%) were more likely than women (39%) to get a better rate by shopping
28% of one-off borrowers said they didn’t shop because they thought they got the best rate
Why Aren’t More People Shopping?
The most common reasons buyers skip shopping include:
Confidence that the first offer was the best
Pressure to move quickly due to a competitive housing market
Trust in a lender referred by their real estate agent
Not knowing they could request multiple offers
While we understand the desire to move quickly, especially in a fast-paced market, this kind of shortcut can have long-term financial consequences. Even a 0.25% difference in rate could save—or cost—you tens of thousands over the life of your loan.
A Broker’s Edge
Unlike banks or credit unions that offer just their own products, mortgage brokers like Quazel shop across multiple lenders on your behalf. We handle the rate comparisons, help you understand loan types, and advocate for your best deal—without the hassle of going it alone.
Plus, reviewing multiple offers doesn’t hurt your credit as long as the inquiries are within a 45-day window. It’s your right to compare, and we’re here to make it easy.
Ready to Compare?
If you're currently shopping for a home—or refinancing—we’ll give you a free side-by-side review of any Loan Estimate. Whether you already have a quote or you're starting from scratch, we’ll show you how much you could save by exploring your options.
Sources
This article includes data from LendingTree’s May 2024 study conducted by Question Pro. You can read the full findings on LendingTree.com.
