First-Time Buyers are Better Mortgage Shoppers

Newbie home buyers are more likely to shop around for a better mortgage loan term than repeat buyers, a new study from LendingTree shows. Studies have shown that shopping around for a mortgage can be a smart move, too: Home buyers could see a median lifetime savings of $40,959 in interest on a $300,000 loan by comparison shopping.

First-time buyers may be new to the real estate world, but they are entering the loan process prepared, the study confirmed. Fifty-two percent of first-time buyers consider more than one lender when choosing a mortgage, slightly more than 48 percent of repeat borrowers who do the same. Further, 29 percent of first-time buyers apply for a mortgage with more than one lender compared to just 20 percent of repeat buyers.
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