When it comes to mortgages, it appears that consumers are not comparison shoppers with 40% accepting the first loan offer made to them, according to a new survey conducted by LendingTree, the online loan exchange.
"It shows that consumers are still very confused about the process," said LendingTree CEO Doug Lebda, citing an array of information offered to the consumer including rates, terms, points and other items.
Mortgage customers, the firm noted, spend the equivalent of a full working day or less shopping for their loan.
The company also found that although 85% of consumers use the web to comparison shop for all types of goods, roughly one in five shopped online for a first mortgage, and that 30% feel "very confident" they received the best deal on their loan.
LendingTree and its partner on the survey, Harris Interactive, interviewed 1,317 homeowners.
