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According to Zillow the survey indicated that consumers spend about 5 hours shopping for a mortgage online, yet they spend 10 hours shopping for a car. 31% of borrowers spent less than 2 hours researching their refinance loan. About 50% of all borrowers “only got 1 or 2 loan quotes.” A spokesman for the Mortgage Lead Vault, a
mortgage lead company recommended “making sure that you are comparing apples to apples. Verify the mortgage rate, term and of course the closing costs when comparing lender quotes.” The indexes that ARM interest rates reset against are, helpfully, very low now. When comparing
home refinance loans, borrowers should consider this against “locking into a low rate for the long term,” said Ephraim Schwartz, a mortgage broker and partner with O’Dette Mortgage Group, in San Francisco. Read the original article >
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Tags: Mortgage Lead Vault
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