Consumer agency launches tool to help you find a cheaper mortgage

CFPB

 CFPBBy Chris Arnold | NPR

Many Americans love a good deal, shopping around to save $10 or $20 on a pair of pants or winter coats for the kids — but when finding mortgages, nearly half don’t even call around to different banks. Three-fourths only fill out an application with one lender.

Richard Cordray, head of the Consumer Financial Protection Bureau, says there may be a few reasons consumers aren’t comparison shopping for loans.

“It is a surprising finding, and it suggests that they’re still fairly intimidated by the mortgage transaction,” he says. “Or they’re a little distracted because, at the same time, they’re picking out a house.”

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