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Stan Humphries, Zillow’s chief economist, said in a release that not properly researching mortgages could have “catastrophic consequences.” Even sadder, the amount of time spent researching a loan has gone unchanged since 2008, despite the foreclosure crisis gripping the nation.
People spend countless hours shopping for the perfect home, yet few realize that small differences in their interest rate or discount points can add tens of thousands of dollars to the overall cost of the home, Humphries said.
It might be hard to teach old lenders new tricks. But in this case, it looks like the trainers themselves could use a much larger reality check.
Read more: Tampa Bay Business Journal: Homebuyers still don’t research mortgages
