Only 9% of Mortgage Borrowers Said They Used the Internet to Find Their Lender According to the Mortgage Survey

Borrowers rely on relationships to find mortgage lenders

We were shocked to see how ‘old school’ the mortgage lender selection process is for borrowers, a leading mortgage website, released the latest set of results from its ground-breaking Mortgage Survey. The study offers captivating insights into how borrowers select mortgage lenders.

The survey results examine key mortgage topics including how many lenders borrowers shopped when they got a mortgage, what types of lenders borrowers contacted and how borrowers found the lender they chose. Among the captivating findings: 77% of borrowers used an existing bank relationship, real estate agent or personal referral to find their mortgage lender while only 9% used an Internet search, showing that personal relationships trump the Internet when it comes to selecting a mortgage lender.

The results also showed that 36% of borrowers compared only one lender and 64% compared two or less lenders when they got a mortgage, suggesting almost two thirds of borrowers may be leaving money on the table by not shopping lenders more extensively. You can view the latest survey results at FREEandCLEAR Mortgage Survey.

“Our mortgage survey continues to enable us to gather invaluable insights into borrower behavior,” said Co-Founder Michael Jensen. “These results enable us to really understand the factors that drive the borrower decision-making process.”

The survey reinforced some perceived notions about the mortgage industry while also producing some surprising findings. “We knew the mortgage market lagged other industries in terms of Internet adoption but we were shocked to see just how ‘old school’ the lender selection process is for most…

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