The bottom line: Fewer than 3 in 10, or 28 percent, of borrowers surveyed said they were confident they had received the best possible deal on their current mortgages.
Several local observers, however, said mortgage-shopping was more prevalent than the LendingTree survey suggested.
It certainly worked well for Laura Cipko. She and her husband, Joe, bought a three-bedroom, two-bathroom townhouse Nov. 19 in Pottstown for $154,000.
Before they met with Weichert Realtors agent Clark Kendus, the couple were preapproved for a mortgage.
After they were told to comparison-shop, "my husband and I contacted two mortgage lenders," Laura Cipko said. Their bank provided information for its lender, and Kendus supplied a contact with Weichert Financial.
"We provided each with information via phone conversations as well as e-mail exchanges," she said.
The Cipkos decided on Weichert Financial because it offered a lower interest rate and "a sample spreadsheet that broke down the finances for us, so that we had a clear idea of what our costs would be and what payment options would work for us," Laura Cipko said.
"My husband and I initially contacted only one lender," she said, "but if we wouldn't have sought preapproval at another lender, we might not have received the same opportunities to lower our monthly payments.
"It is worth the time to do some research into mortgage lenders when one is making such a large investment," she said. "We saved money by doing so, but the lender we chose also gave us confidence that buying a home was manageable, even for a young couple like us."
LendingTree is using the results of its survey to promote its "best-deal guarantee, lender ratings and reviews, and the opportunity to compare multiple offers," said chief executive officer and chairman Doug Lebda.
