But how do prospective borrowers know which lender has the best prices or provides superior customer experience or the speediest approval or the most reliable closing? Human beings can consume and process only so much information in a given span of time, and the amount and complexity of information that must be processed to choose a mortgage lender is extraordinary. While most borrowers state that price is critical to their decision, our recent survey found that 71 percent of borrowers apply to only one lender and 63 percent consult just one type of information source before making their decision on where to apply. Many then go on to select a lender that they perceive to be less expensive when the facts say otherwise.
In Different Strokes for Different Folks: The Buying Habits and Preferences of Mortgage Borrowers we explore what matters most in choosing a lender. How do prospective homeowners cut through the clutter to pick their lender? And how do they make one of the most important financial decisions of their lives?