An analysis by Fannie Mae of its 2013 National Mortgage Survey reveals lower income borrowers are more apt to rely on advice from others, such as real estate agents and/or friends and family to determine what mortgage to choose and how much to borrow. They want loan terms and costs that are easiest to understand for comparison purposes according to nationalmortgagenews.com. Higher income borrowers make their own calculations and choices based on the offer of a lender, and are more likely to shop online. One of the goals of the Consumer Financial Protection Bureau (CFPB) is to encourage borrowers to shop around. MHProNews has learned that all income groups say they will use more online technology for borrowing information, indicating that arena of shopping will play a more significant role in searching for mortgages much as it does for consumer goods.
