Todays consumers are expert comparison shoppers, but when it comes to their mortgage, borrowers often lock in their first home loan offer.

According to a new LendingTree survey of 1,317 homeowners conducted online by Harris Interactive in September, 96% of American consumers compare prices when shopping for anything, but nearly 40% obtain just one home loan quote. By comparison, when shopping for a home computer, consumers research an average of 3.1 models before making a purchase. This explains why fewer than 3 in 10 (28%) borrowers are very confident they received the best possible deal on their current mortgage.

According to the survery, frustration also appears to be at the root of this shopping dilemma. 70% of borrowers find shopping for a mortgage frustrating, citing time-intensiveness and the complexity of the terms.

The survey also reveals:
• 72% of homeowners spent the equivalent of a full working day or less shopping for their home loan. Even more shocking? One in 10 spent the amount of time it takes to brush their teeth.
• 23% of homeowners recognize they could save more than $100 a month by reducing their mortgage rate by 1%.
• Women are more than twice as likely as men to say they were not at all involved with shopping for their mortgage or when refinancing.

Source: www.rismedia.com