Many Homebuyers Spend More Time Shopping For A TV Than Looking For The Right Mortgage
By January 13, 2015
Potential homeowners might spend months nitpicking and fretting over the features of a seemingly endless series of houses they could buy, but a new report from the Consumer Financial Protection Bureau claims that half of American homebuyers aren’t taking the same care when it comes to shopping around for the right mortgage, often putting themselves in precarious lending situations and missing out on savings.
To combat the rise of the uninformed mortgage borrower the Bureau is releasing a toolkit aimed at helping consumers gain greater control over the outcomes of the mortgage process, while maximizing the benefits of this major transaction.
The latest CFPB report [PDF] found that while it’s true that the mortgage industry is less risky than it was before the housing market crash, there are still varying terms and features that can wreak havoc on consumers’ finances if they aren’t fully informed about the products.
“People may well put more time and effort into shopping for smaller products such as appliances and televisions than they do in shopping for the right mortgage,” CFPB director Richard Cordray says.
“The failure to look around can mean real money lost for consumers.”
Read more here.
To combat the rise of the uninformed mortgage borrower the Bureau is releasing a toolkit aimed at helping consumers gain greater control over the outcomes of the mortgage process, while maximizing the benefits of this major transaction.
The latest CFPB report [PDF] found that while it’s true that the mortgage industry is less risky than it was before the housing market crash, there are still varying terms and features that can wreak havoc on consumers’ finances if they aren’t fully informed about the products.
“People may well put more time and effort into shopping for smaller products such as appliances and televisions than they do in shopping for the right mortgage,” CFPB director Richard Cordray says.
“The failure to look around can mean real money lost for consumers.”
Read more here.
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