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Borrowers Don’t Shop Around, Still Look to Big Banks

Most mortgage borrowers don’t shop around for a lender, according to a recent survey. In fact, 36 percent of borrowers only looked at one lender when buying their home, while the remaining 64 percent only compared two. The reason for the lack of research is likely because of referrals and existing relationships. Nearly 80 percent of borrowers used their existing bank, a referral from their real estate agent, or a personal referral when choosing a mortgage lender. A mere 9 percent used an internet search.

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