Interesting Mortgage Survey

Some results from a mortgage survey sponsored by Zillow.

First people spend as much time planning for a single vacation as they do in planning their mortgage and home loans. Here is the comparisons -

 Home-Related         Typical Hours   
  Investment           of Research(2)                        
  Vacation                   5        
  Mortgage or Home Loan      5        
  Car                        8       
  Home                      39        
  Major Home Improvements   10       
  Computer                   4        
  Television                 2   

Second 82% of people surveyed have concerns about securing their next home loan. Most of the concerns revolve around disclosing personal information and credit scores. But people are also afraid they will miss out on good rates or that the payments will be higher than planned. A hefty 41% are concerned that they will not understand the terms and agreements of their mortgage. With so many people publicly stating they were not told about early pay-off penalties I am surprised this is not higher.

Other interesting tidbits include 9 out of 10 wanting standardized mortgage quotes. 8 out of 10 think the fed cuts will help them in their loans. 6 out of 10 want some advice in selecting a mortgage lender. And almost 6 out of 10 said they would like more quotes if only they had more time.

I am not surprised by alot of these results. Shopping for a mortgage is not that much fun and not nearly as exciting as planning a vacation or shopping for a new car. People can imagine themselves driving in a great car or sitting of a beach somewhere. While everyone wants to to save money on their mortgage it does not have that same excitement that the others have. They should have done less tangible purchases and compared to how much someone plans for surgery or for expensive dental work. Important things to plan and consider but without the exuberance factor of a new car.