A recent research of the American borrower behavior, perceptions and concerns from Zillow. Here’s some of the more important themes from the research.
One-third of homeowners say that despite any home value change over the past year, they are equally or more likely to do each of the following in 2008:
- 35% — Refinance or take out a second mortgage
- 33% — Sell their home
- 32% — Take out a home equity loan
Time Spent Shopping Doesn’t Match Investment.
It’s surprising to see that U.S. adults spend more time shopping for a car purchase and just as much time for a vacation as they do a home loan, despite a significant difference in dollars invested.
Majority of Loan Shoppers Have Concerns
Of U.S. adults who plan to shop for a home loan in the future, 82% have concerns about doing so. More have concerns about having their personal information sold or shared than about getting the best rate.
Help for Loan Shoppers
Of U.S. adults who plan to be in the market for a home loan in the next year:
- 91% agree that a standardized quote form would make it easier to compare loan quotes from multiple lenders
- 82% say the recent rate cuts by the Federal Reserve make it more attractive to shop for a loan
- 77% say they would obtain more mortgage or home loan quotes if they could do so anonymously
Read more of the insights and graphs from the ZillowBlog.
What are your concerns when looking for a loan? Are these insights consistent with your present concerns? I’d love to hear your concerns!
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