Survey Says ... On Average Only
5 Hours of Research Devoted to Mortgage Search
In 2008, Zillow conducted a survey to find out what time expenditure was given by the average Home Buyer when researching mortgage financing ...
Zillow had many reasons at the time for wanting this info, but were also interested in making a comparison between the hourly expenditure for mortgage financing and the time allotments given to other types of purchases.
What their survey found was that the average expenditure of time given for mortgage financing research was only 5 hours. Mind boggling, to say the very least ...
Zillow then ran much the same survey again. This time they hoped to see if the recent downturn and recession in housing and mortgage financing had provided enough catalyst for Home Buyers to increase the time commitment made for mortgage research.
Certainly after all that had passed during the housing crisis, the time commitment would have spiked dramatically?
It hadn't. On average, the amount of hours they'd spent had remained the exact same. (Unbelievably, the survey also found that one-third of those surveyed spent only 2 hours or less on their effort and research.)
At the time of the 2010 survey, what WERE Home Buyers spending more time researching? Take a peek below ...
- Double the amount of time on buying a car
- Twice as much time on home improvements
- Almost as much time when purchasing a computer
- The same amount of time deciding where they wanted to head on vacation. Just look at how that breaks down for each on "cost per hour spent" for research.
I wish I could say I was surprised. But I can't ...
Sometimes I feel like a broken record. But I strongly believe that if Home Buyers gave more of their time, attention, and effort to the process of choosing their Mortgage Lender and real estate professional, many of the issues we hear of arising later in the process would be greatly reduced.
The process and choice of Mortgage Lender and Real Estate Professional shouldn't be taken lightly. You've heard the old adage, "you get what you pay for?"
When seeking a lending or real estate professional, if you make a small "payment" of time and effort, you run the risk of getting little real professionalism or real service in return. Make a real investment or "payment" and ... well, you get my drift.
So what SHOULD you, a Home Buyer, look for in your Mortgage Lender? Click Here for some direction and advice on your search.
And go Here for additional info on WHY it's so important to begin your search well in advance of actually buying a home. But here's an abbreviated version of the advice I typically provide those asking for direction:
Communicate with a number of Lender candidates. See where and with whom you develop or feel a rapport. In whom you sense the most confidence. Ask for solid evidence of their services. Ask for any testimonies and referrals they've received.
And importantly, find which Mortgage Lender actually delivers their clients to the Closing table most often ... and with the least amount of hassle. In other words, what's their "batting average" of success??
Take the time to do real in-depth research. Make that "payment". Definitely more than the average of 5 hours reported in the Zillow surveys! You'll be much more happy throughout your mortgage processing and with the end results ...
* Hoping to Buy a Home or Refinance in New Lenox, Will County, or elsewhere in the Chicagoland area? Contact me today! I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.
Your Referrals are Appreciated!
When calculated as time spent per dollar invested, this means Americans typically spend almost 80 times more time researching their vacation (.159 min./dollar) than a home loan (.002 min./dollar).